Santander Consumer USA Holdings in Dallas plans to open a servicing center in San Juan, Puerto Rico.

The new center will handle servicing management and operations for certain performing loan portfolios and could build up to as many as 500 full-time workers within the next three years. The company said the center is part of an expansion of its servicing operations that is set for 2016.

Favorable tax incentives, ample qualified workers and an already "strong Santander presence" in Puerto Rico were among the reasons that the company chose San Juan, Santander Consumer Chief Executive Jason Kulas said in a news release Friday.

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