Popular Inc. has completed the sale of the loan and servicing assets of its U.S. mortgage subsidiary Popular Financial Holdings Inc. to various Goldman Sachs affiliates.
According to the company, the sale would result in a reduction of approximately $900 million in loans and mortgage servicing assets that are mainly accounted at fair value, providing Popular with more than $700 million in additional liquidity and significantly reducing Popular's U.S. subprime assets.
Popular recently announced a number of aggressive steps to restructure its U.S. banking operations, including a greater integration with corporate operations in Puerto Rico, the consolidation or sale of underperforming branches, and the closing, sale or downsizing of lending businesses that do not generate deposits or fee income.
Source: Popular Inc.
