Banco Popular Seeks Approval for Wells Fargo Puerto Rico Auto Finance Buy

Banco Popular de Puerto Rico filed a notice with the Federal Reserve System for to its subsidiary Popular Auto to be permitted to consummate its acquisition of Wells Fargo’s auto finance business in Puerto Rico.

Banco Popular announced in February that it agreed to acquire certain assets and liabilities related to Wells Fargo’s auto finance business in Puerto Rico.

Although there can be no guarantee that regulatory approval will be received, Banco Popular anticipates that the transaction will close during Q3/18.

Popular is the leading financial institution by both assets and deposits in Puerto Rico and ranks among the top 50 U.S. bank holding companies by assets.

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