Davis Polk is advising Santander Financial Services, Inc. on the sale of the personal loan and sale finance loan assets comprising the Island Finance business to funds advised by J.C. Flowers & Co. LLC and affiliates. The transaction, which is expected to close in the next few months, is subject to regulatory approvals and other customary closing conditions.
Banco Santander is a leading retail and commercial bank, headquartered in Spain, with a meaningful market share in 10 core countries in Europe and the Americas. With approximately $400 million of assets and more than 100,000 active customers, Island Finance has more than 50 years of history in Puerto Rico, operating 52 branches that cover 60% of the municipalities across the island. J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry.
The Davis Polk corporate team includes partner William L. Taylor and associate Andrew D. Krause. Partner Randall D. Guynn, counsel Christopher M. Paridon and associate Karen Pelzer are providing financial institutions regulatory advice. Partner James A. Florack is providing credit advice. Partner Kathleen L. Ferrell is providing tax advice. Partner Jean M. McLoughlin is providing executive compensation advice. Partner Pritesh P. Shah is providing intellectual property and technology advice. Members of the Davis Polk team are based in the New York and Washington DC offices.