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Friday, March 1, 2013

Puerto Rico's Popular to sell $568 million in bad loans, (NASDAQ: BPOP)

Puerto Rico-based lender Popular Inc said it would sell $568 million portfolio of non-performing loans to a joint venture between Caribbean Property Group and funds affiliated with Perella Weinberg Partners. Popular will receive about $112 million in cash, a note for about $203 million, and a 24.9 percent interest in the joint venture.

Popular, Inc. (Popular) is a diversified, publicly owned bank holding company. Shares of BPOP remained unchanged at $27.92. In the past year, the shares have traded as low as $13.38 and as high as $29.05. On average, 907322 shares of BPOP exchange hands on a given day and today's volume is recorded at 0.