June 26, 2019 / 8:36 PM / a year ago

CORRECTED-Scotiabank to sell Puerto Rico, U.S. Virgin Islands operations to Oriental Bank

(Corrects deal value currency in first paragraph to US$ from C$)

June 26 (Reuters) - Scotiabank, Canada’s third biggest lender, said on Wednesday it would sell its operations in Puerto Rico to Oriental Bank for $550 million in cash.

The bank will also sell the U.S. Virgin Islands branch operations to the unit of OFG Bancorp for $10 million deposit premium.

The bank said as a result of the sale it will record a loss of about C$400 million after-tax in the third quarter of 2019. (Reporting by Arundhati Sarkar in Bengaluru)

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