Nearly five months after announcing its intention to buy Wells Fargo’s auto lending business in Puerto Rico — which does business as Reliable Auto — Popular Inc. confirmed it has completed the regulatory clearance process needed to close the deal.
Four months after announcing it had agreed to acquire Wells Fargo’s auto finance business in Puerto Rico, which operates as Reliable Financial Services Inc., Banco Popular de Puerto Rico confirmed it has filed a notice with the Federal Reserve System to close the deal.
Reliable Foundation will celebrate its 15th edition of its golf tournament on June 15, when it will raise funds on behalf of 40 Puerto Rico nonprofits.
Banco Popular de Puerto Rico has agreed to acquire Wells Fargo & Company’s auto finance business in Puerto Rico, which operates as Reliable Financial Services Inc. and Reliable Finance Holding Company, for $1.7 billion, the financial institution announced.
As part of its efforts to contribute to the island’s recovery after Hurricane María, Ford Puerto Rico established an alliance with Reliable Auto to make buying new Ford models more accessible.
Reliable Auto held its 12th annual golf tournament, raising $258,000 that were donated by the Reliable Foundation to 16 Puerto Rico nonprofit organizations that work with children, homeless people and pressing social needs.
Reliable Auto, a financial services institution with $342 million in assets, is marking its 25th anniversary in Puerto Rico, where it has experienced steady growth by adapting to the market.
NIMB ON SOCIAL MEDIA