Share Name Share Symbol Market Type
Bank of Nova Scotia TSX:BNS Toronto Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +$0.08 +0.11% $75.57 $75.55 $75.60 $75.91 $75.47 $75.91 1,455,701 21:20:00

OFG Bancorp Shares Rise 13% Following Scotiabank Deal

27/06/2019 6:50pm

Dow Jones News

Bank of Nova Scotia (TSX:BNS)
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By Patrick Thomas


Shares of OFG Bancorp. (OFG) are up about 13% at $23.40 after it said Wednesday that its subsidiary, Oriental Bank, would acquire Scotiabank's (BNS, BNS.T) operations in Puerto Rico and the U.S. Virgin Islands.

OFG said it would pay $550 million in cash for the Puerto Rico operations, and a $10 million deposit premium for the U.S. Virgin Island branches.

OFG said the deal would boost 2020 earnings by 40%, and that it would fund the deal with excess capital. Scotiabank's Puerto Rico and U.S. Virgin Island operations had $2.5 billion in net loans, $3.2 billion in deposits, 21 branches and about 1,000 employees as of March 31, OFG said.

"Oriental will be the second-largest bank in Puerto Rico in terms of core deposit, branches mortgage servicing and in terms of ATM network," OFG Chief Executive Jose Rafael Fernandez said on a conference call with analysts Thursday.

Fitch Ratings said Thursday that there could be more consolidation in the coming years in the Puerto Rican banking sector as a number of nondomestic banks have been decreasing their footprints on the island over the last several years.

"The benefits will likely accrue to the second- and third-largest domestic banks, First BanCorp. and OFG Bancorp as they continue to build out their franchises," Fitch said.


Write to Patrick Thomas at


(END) Dow Jones Newswires

June 27, 2019 13:35 ET (17:35 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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