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Wells Fargo sells Puerto Rico unit

Wells Fargo is selling its Puerto Rico banking subsidiary to Popular for about $1.7 billion. The Puerto Rico unit has been majorly handling auto loans and Wells Fargo has decided to exit this business. The all-cash deal will include about $1.5 billion in retail auto loans and $340 million in commercial loans from Wells Fargo’s Reliable Financial Services unit. Popular will also acquire other assets and assume some of Reliable’s liabilities. Wells Fargo lost its a leader in auto lending in the US because of various issues the automobile sector is facing in the country. This also impacted the Puerto Rico unit.

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