PonceBank is discussing a sale with Banco Bilbao Vizcaya SA and at least one U.S. bank, an investment banker said.

The deal for the $1.1 billion-asset bank, which is expected to fetch around $160 million, could be announced as early as next week, the banker said.

Banco Bilbao Vizcaya, Spain's largest bank, has been aggressively acquiring banking companies throughout Latin America. It recently announced plans to spend $2.1 billion building its operations there over the next three years. In 1994 Bilbao Vizcaya acquired Puerto Rico's Las Americas Trust Co.

PonceBank shares closed at $23.25 Tuesday on the New York Stock Exchange, up 37.5 cents.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.