FirstBank Puerto Rico buys credit card portfolio

AP News
Posted: Jun 01, 2012 4:36 PM
FirstBank Puerto Rico buys credit card portfolio

The parent company of FirstBank Puerto Rico said Friday that it bought a $402 million credit card portfolio from FIA Card Services.

The bank's parent company, San Juan-based First BanCorp, said in a statement that purchasing the portfolio of FirstBank-branded cards will help it deepen its ties with current customers and attract more. It also gives the bank a new source of revenue.

The bank said that customers will not be affected because FIA Card Services will continue to service the accounts into next year. FirstBank announced it intended to buy the credit card portfolio a month ago. It said then that the portfolio contained about 150,000 active relationships.

The bank's shares fell 4 percent amid a broad sell-off across world markets.