Banco Popular de Puerto Rico’s $1.7 Billion Acquisition of Reliable Financial Services Inc.

Sullivan & Cromwell, Pietrantoni Méndez & Álvarez, Mayer Brown and Salichs Pou & Associates advised on the deal

Banco Popular de Puerto Rico has agreed to acquire Wells Fargo & Company’s auto finance business in Puerto Rico, which operates as Reliable Financial Services Inc. and Reliable Finance Holding Company, for $1.7 billion.

As part of the transaction, Banco Popular will acquire approximately $1.5 billion in retail auto loans and $340 million in commercial loans. The acquired auto loan portfolio has credit characteristics that are similar to Banco Popular’s existing self-originated portfolio. Banco Popular will also acquire certain other assets and assume certain liabilities of Reliable.

Subject to satisfaction of customary closing conditions, Popular anticipates the transaction to close during the second quarter of 2018 and be accretive to earnings.

Banco Popular de Puerto Rico provides financial services. The Bank, led by Juan O Guerrero, Emilio E Pinero Ferrer and Mariel Arraiza, offers checking accounts, credit and debit cards, loans, insurance, payment protection, phone banking, bill pay, and merchant services. Banco Popular serves clients in Puerto Rico.

Reliable Financial Services Inc operates as a subsidiary of Wells Fargo Financial, Inc. The Company provides financial services. Reliable Financial Services serves the territory of Puerto Rico.

Sullivan & Cromwell advised Banco Popular de Puerto Rico with H. Rodgin Cohen (Picture), Donald J. Toumey, Robert W. Downes, Ronald E. Creamer Jr., Joseph J. Matelis, Rebecca S. Coccaro, Eric M. Diamond, Kristin K. Rulison, Joshua A. Green, Jonathan M. Rhein, RuiHui Yu and David M. Teslicko.

In Puerto Rico, Pietrantoni Méndez & Álvarez advised Banco Popular with Antonio J. Santos and Karina Camacho.

Mayer Brown advised Wells Fargo & Company, Reliable Financial Services, Inc. and Reliable Finance Holding Company with Elizabeth Raymond, Lawrence Hamilton, Rohith George, Debra Hoffman, Steven Garden, Scott Perlman, Jeff Taft, Rich M. Assmus, Derek Schaffner, Maritoni Kane, Christopher Pochon, Eric Tubbs, Stephanie Vasconcellos and Christopher Odell.

In Puerto Rico, Salichs Pou & Associates advised Wells Fargo & Company, Reliable Financial Services, Inc. and Reliable Finance Holding Company with Juan C. Salichs-Pou.

 

Involved fees earner: Juan Salichs-Pou – Salichs Pou & Associates.; Karina Camacho Ojeda – Pietrantoni Méndez & Alvarez; Antonio Santos – Pietrantoni Méndez & Alvarez; Elizabeth Raymond – Mayer & Brown; Scott Perlman – Mayer & Brown; Derek Schaffner – Mayer & Brown; Christopher Pochon – Mayer & Brown; Eric Tubbs – Mayer & Brown; Lawrence Hamilton – Mayer & Brown; Jeffrey Taft – Mayer & Brown; Rohith George – Mayer & Brown; Debra Hoffman – Mayer & Brown; Maritoni Kane – Mayer & Brown; Stephanie Vasconcellos – Mayer & Brown; Steven Garden – Mayer & Brown; Richard Assmus – Mayer & Brown; Donald Toumey – Sullivan & Cromwell; Rodgin Cohen – Sullivan & Cromwell; Robert Downes – Sullivan & Cromwell; Ronald Creamer – Sullivan & Cromwell; Eric Diamond – Sullivan & Cromwell; Kristin Rulison – Sullivan & Cromwell; Joshua Green – Sullivan & Cromwell; David Teslicko – Sullivan & Cromwell; Joseph Matelis – Sullivan & Cromwell; Rebecca Coccaro – Sullivan & Cromwell; Jonathan Rhein – Sullivan & Cromwell; RuiHui Yu – Sullivan & Cromwell;

Law Firms: Salichs Pou & Associates.; Pietrantoni Méndez & Alvarez; Mayer & Brown; Sullivan & Cromwell;

Clients: Wells Fargo; Banco Popular de Puerto Rico; Reliable Financial Services, Inc.;

 

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Author: Ambrogio Visconti