Canada’s Bank of Nova Scotia is planning sale of its Puerto Rican banking arm worth about $600m due to the country’s troubled banking market.
The lender could consider selling the unit to a private-equity firm or other lender in the region, people familiar with the matter told Bloomberg.
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The bank is concerned by the possibility of problems in the country’s banking market in case the Doral Financial Corp. is merged into another Puerto Rican lender.
However, media reports also suggest that exploring the move is still in the early stages and the lender could also decide to keep the unit as the region’s volatile economy can pose problems in finding a buyer.
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