Popular Inc. announced Wednesday the signing of a definitive agreement with Wells Fargo Advisors LLC Puerto Rico for the acquisition of the latter company’s assets. This agreement allows Popular to acquire 1,750 accounts and assets under management for approximately $500 million, which will be handled by Popular Securities.
“We are extremely excited about this acquisition because it allows us to strengthen our business portfolio and our position in the investment advisory market,” said Juan Guerrero Preston, executive vice president of Financial and Insurance Services.
As part of the acquisition, Popular Securities will extend an invitation to Wells Fargo Advisors LLC Puerto Rico employees to join its workforce.
“Our goal is to provide Wells Fargo Advisors LLC Puerto Rico customers with the excellent service they are accustomed to and that the transaction is as transparent as possible for them so they can continue using the services as usual,” said Michael McDonald, president of Popular Securities.
Wells Fargo Advisors LLC Puerto Rico is one of the businesses belonging to Wells Fargo Advisors, LLC, whose parent is Wells Fargo & Company. The company provides financial solutions to individuals and institutions through a single branch in Puerto Rico. The company began operations on the island in 1986.
Popular Securities belongs to the Popular One platform whose purpose is to provide customers a complete service that includes, among other things, insurance products, banking and brokerage.
“We’re convinced that these new customers will enjoy a wider range of products and services currently available to Popular Securities customers,” McDonald added.
It is anticipated that the transaction will close later this month.