Popular, one of the largest banks in Puerto Rico, is engaged in advanced negotiations to offload some of its mainland US branches to multiple buyers.
People familiar with the matter were quoted by The Wall Street Journal as saying that the bank’s Rosemont, Illinois-based subsidiary, will soon announce separate deals to sell its Chicago and California area branches as well as some branches in Florida.
The source further added that an auction for the branches has been underway for approximately six weeks.
Potential bidders comprise smaller banks including Wintrust Financial, Metropolitan Bank Group and First Midwest Bancorp.
It is believed that the branch divesture is part of the bank’s plan to reduce operational expenses and streamline operations amid intense competition.
Popular manages approximately 90 mainland US bank offices across New York, Illinois, California, Florida and New Jersey.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe bank, which received bailout package through the US Treasury Department’s crisis-era bailout program due to losses sustained during the financial crisis of 2008, still has to pay nearly $935m to creditors.