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Scotiabank to sell Puerto Rico, U.S. Virgin Islands operations to Oriental Bank

Published 2019-06-26, 04:49 p/m
© Reuters.  Scotiabank to sell Puerto Rico, U.S. Virgin Islands operations to Oriental Bank
BNS
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June 26 (Reuters) - Scotiabank BNS.TO , Canada's third biggest lender, said on Wednesday it would sell its operations in Puerto Rico to Oriental Bank for $550 million in cash.

The bank will also sell the U.S. Virgin Islands branch operations to the unit of OFG Bancorp OFG.N for $10 million deposit premium.

The bank said as a result of the sale it will record a loss of about C$400 million after-tax in the third quarter of 2019.

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