First BanCorp caps $402M card deal

The San Juan-based bank announced the deal to buy the FirstBank-branded credit card portfolio from FIA Card Services last month.

CARIBBEAN BUSINESS first reported the deal on May 7.

“This acquisition diversifies our revenue stream and the composition of our loan portfolio. In addition, it provides significant opportunity to broaden and deepen our relationship with our customers and it accelerates our cross sell targets,” First BanCorp President & CEO Aurelio Alemán said at the time.

“The transaction strengthens our franchise value and will contribute to our objective to return the corporation to profitability,” he added.

Customers will experience minimal impact since FIA Card Services will continue to service the accounts under an interim servicing agreement into 2013.