Much of Equity One to be sold
From Times Staff Wire Services
Popular Inc., the parent of Banco Popular, agreed to sell much of U.S. consumer finance unit Equity One to a unit of American International Group Inc. for about $1.5 billion, the companies said.
The sale includes much of Equity One’s mortgage loan and consumer loan portfolio, and carries a 3% premium to the amount of loans sold, Popular spokesman Enrique Martel said.
AIG may close 106 of Equity One’s 130 branches, which operate in 15 U.S. states, and retain about 250 of the unit’s 512 employees, Martel said.
