Scotiabank completes sale of its operations in Puerto Rico and the U.S. Virgin Islands to Oriental Bank

TORONTO and SAN JUAN, Puerto Rico, Dec. 31, 2019 /CNW/ - Scotiabank reported today that it has completed the previously announced sale of its banking operations in Puerto Rico and the U.S. Virgin Islands to Oriental Bank, a subsidiary of OFG Bancorp.

This transaction supports Scotiabank's strategic decision to focus on operations across its footprint where it can achieve greater scale and deliver the best value for customers.

The transaction will improve the Bank's credit quality as it reduces Gross and Net Impaired Loans and increases the Bank's common equity Tier 1 (CET1) capital ratio by approximately 5 basis points.

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SOURCE Scotiabank