Popular (BPOP) in San Juan, Puerto Rico, could be looking to sell its banking operations in Chicago and Los Angeles.
The $26.6 billion-asset company has hired RBC Capital Markets to oversee the sale of its branches in those cities, Crain's Chicago Business reported in its online edition Friday. The report said Popular expects to sell the Chicago operations with 12 branches, $500 million in loans and $800 million in deposits for $5 million to $15 million.
The report said Metropolitan Bank Group, which is chaired by former Banco Popular North America Chief Executive Roberto Herencia, could be a possible bidder for the Chicago operations. Wintrust Financial (WTFC), PrivateBancorp (PVTB), First Midwest Bancorp (FMBI) and Standard Bancshares were also mentioned as possible bidders.
Spokesmen for the potential suitors declined to comment for the Crain's report, and a spokeswoman for Popular declined to comment.
Popular is also looking to sell its franchise in southern California, which has about $1.2 billion in deposits, Crain's said.