More Bank Consolidation in Puerto Rico

BBVA Sells Out Puerto Rico to Oriental Financial.

Spain's Banco Bilbao Vizcaya Argentaria SA (BBVA) said Thursday it has reached an agreement to sell its business in Puerto Rico to Oriental Financial Group Inc. (OFG) for $500 million.

The sold business is the seventh biggest in Puerto Rico by deposits, with $5.2 billion in assets and $3.3 billion in deposits, BBVA said in a regulatory filing.

San Juan-based Oriental is the fourth-largest bank in Puerto Rico. Via Fox News.

Conclusion

Two quick points.  First consolidation in any industry means less jobs. That sucks. Second, having less banks to choose from means less lending.  It also means a further consolidation of financial power into fewer people. Good for them, bad for anyone who has to do business with them.