M&A Deal Summary

First Bank Acquires Banco Santander S.A. - Puerto Rico

On October 21, 2019, First Bank acquired financial services company Banco Santander S.A. - Puerto Rico from Banco Santander for 63M USD

Acquisition Highlights
  • This is First Bank’s 12th transaction in the Financial Services sector.
  • This is First Bank’s 6th largest (disclosed) transaction.
  • This is First Bank’s 1st transaction in Puerto Rico.

M&A Deal Summary
Date 2019-10-21
Target Banco Santander S.A. - Puerto Rico
Sector Financial Services
Buyer(s) First Bank
Sellers(s) Banco Santander
Deal Type Add-on Acquisition
Deal Value 63M USD

Target

Banco Santander S.A. - Puerto Rico

Puerto Rico
Banco Santander Puerto Rico operates as a bank and offers checking and savings accounts, credit cards, insurance, annuities, payments, collection, deposits, loans, and other banking services. Banco Santander Puerto Rico serves customers in Puerto Rico.

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Buyer(S) 1

Buyer

First Bank

San Juan, Puerto Rico
Category Company
Founded 1948
Sector Financial Services
Employees3,168
Revenue 897M USD (2023)
DESCRIPTION

First Bank is a financial holding company offering commercial banking, residential mortgage loan, finance lease, personal loan, small loan, auto loan, insurance, and broker dealer products and services to retail, commercial, and institutional customers primarily in Puerto Rico, and to a lesser extent in the U.S. and British Virgin Islands and Florida. First Bank was incorporated in 1948 and is based in San Juan, Puerto Rico.

DEAL STATS #
Overall 13 of 14
Sector (Financial Services) 12 of 13
Type (Add-on Acquisition) 6 of 7
Country (Puerto Rico) 1 of 1
Year (2019) 1 of 1
Size (of disclosed) 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-21 Bear Insurance Service

Albemarle, North Carolina, United States

Bear Insurance Service is an independent insurance agency, that offers personal, business and life & health insurance services. Bear Insurance Service is based in Albemarle, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-21 GrandSouth Bank

Greenville, South Carolina, United States

GrandSouth Bank is a South Carolina state bank that offers a full array of commercial bank services. Deposit services include business and personal checking accounts, savings accounts, money market accounts, various term certificates of deposit, IRA accounts, and other deposit services. GrandSouth Bank was formed in 1998 and is based in Greenville.

Buy $181M

Seller(S) 1

SELLER

Banco Santander

Madrid, Spain
Category Company
Founded 1856
Sector Financial Services
Employees211,141
Revenue 59.9B EUR (2023)
DESCRIPTION

Banco Santander is a financial group operating principally in Spain, the UK, Portugal, and Brazil. Banco Santander is a provider of commercial and retail banking financial services. Banco Santander was founded in 1856 and is based in Madrid, Spain.

DEAL STATS #
Overall 6 of 6
Sector (Financial Services) 4 of 4
Type (Add-on Acquisition) 1 of 1
Country (Puerto Rico) 2 of 2
Year (2019) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-18 Thrive Childcare and Education

Edinburgh, United Kingdom

Thrive Childcare and Education operate 49 exceptional nurseries and providing a nurturing and stimulating environment where children come first every time. Thrive Childcare and Education was founded in 2001 and is based in Edinburgh, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-04 Ebury Partners UK

London, United Kingdom

Ebury Partners UK Ltd. is a global finance specialist operates on a unique worldwide distribution platform underpinned by a data-driven business model and offers best-in-class customer experience and product capabilities. Ebury was formed in 2009 and is based in London.

Buy -
Mergr

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