Puerto Rico's largest bank Popular Inc (BPOP.O) is in advanced talks to sell some of its mainland branches in the United States to multiple buyers, the Wall Street Journal reported Tuesday, citing people familiar with the matter.
The bank's unit in Rosemont, Illinois, could announce separate deals to sell its branches in Chicago, California and Florida as early as Wednesday, the Journal report cited people familiar with the sale process as saying.
An auction for the bank's branches has been under way for about six weeks, but the terms of the sale could not be determined, the report said. (r.reuters.com/nyx68v)
The report said that potential bidders for the branches include smaller banks such as Wintrust Financial Corp (WTFC.O), Metropolitan Bank Group Inc and First Midwest Bancorp Inc (FMBI.O).
A Popular Inc spokeswoman, Gabriela Maldonado, could not be immediately reached for comment outside of regular U.S. business hours.
(Reporting by Anjalirao Koppala in Bangalore; Editing by Lisa Shumaker)