Popular (BPOP) to Sell Loan and Servicing Assets to Goldman Sachs (GS)
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Popular, Inc. (Nasdaq: BPOP) announced today an agreement to sell loan and servicing assets of its U.S. mortgage subsidiary Popular Financial Holdings (PFH) to various Goldman Sachs (NYSE: GS) affiliates.
The sale includes approximately $1,170 million in loans and mortgage servicing assets. The transaction, expected to close in the fourth quarter of 2008, will provide more than $700 million in additional liquidity and significantly reduce Popular's U.S. subprime assets. Popular expects to report a loss of approximately $450 million in connection with the transaction.
Popular, Inc. is a diversified bank holding company. The Company operates in three target markets: Puerto Rico, the mainland United States, and processing and other technology services in Puerto Rico, Venezuela, Florida and the Dominican Republic.[SM]
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