Popular completes acquisition of Puerto Rico auto finance business
Popular Auto, the auto finance unit of Banco Popular de Puerto Rico, completed the acquisition of assets of Wells Fargo's Reliable auto finance business on the island.
Popular Auto acquired approximately US$1.6bn in retail auto loans and US$360mn in primarily auto-related commercial loans, the bank said in a release, adding that it will assume certain liabilities related to the business.
Reliable will operate as a unit of Popular Auto for a period of time as the bank integrates the operation with its own auto finance services.
Wells Fargo retained approximately US$385mn in retail auto loans as part of the transaction and has entered into a loan servicing agreement with Popular Auto with respect to such loans.
Popular expects this transaction, which was funded with available cash, to contribute about US$36mn in net income for the first 12 months after closing, excluding transaction costs and servicing income.
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