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In January, Popular had sold much of its U.S. consumer finance business Equity One to a unit of American International Group Inc. (NYSE: AIG | Quote | Chart | News | PowerRating) for about $1.5 billion and had also sold the loan and servicing assets of its U.S. mortgage unit worth $1.17 billion to Goldman Sachs (NYSE: GS | Quote | Chart | News | PowerRating) in August.
Popular said the deal, expected to close in the fourth quarter, will immediately add to its earnings. The company said that the third-party servicing rights serve a mortgage loan portfolio of about $5.1 billion.
Banco Popular has been striving to narrow the scope of its mainland U.S. operations that are most exposed to the credit and mortgage markets and leverage on its core strengths in Puerto Rico.
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