The Puerto Rico retail operations of Citibank include 17 banking offices, $1.1 billion of deposits, $230 million of loans, and about 230 employees, San Juan-based Popular said.
Richard Carrion, Popular’s chief executive, said the transaction is a step in the long-expected consolidation of financial services operations on the island.
Popular expects the transaction to close in the fourth quarter, pending regulatory approval and other closing conditions.
(Reporting by Jonathan Stempel)
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