June 27, 2019 / 3:32 PM / 5 months ago

BUZZ-OFG Bancorp jumps on deal with Canada's third largest lender Scotiabank

** Financial holding company’s shares up 13.8% at $23.50

** OFG Bancorp unit Oriental Bank to buy Bank of Nova Scotia’s operations in Puerto Rico and the U.S. Virgin Islands

** Scotiabank is Canada’s third largest lender; BNS stock marginally up 0.3%

** Deal expected to be about 40% accretive to OFG’s earnings per share in 2020

** OFG will have a loan portfolio totaling $7.2 billion and about 500,000 customers after the deal

** Deal expected to help Scotiabank focus on its key markets

** 3 of 4 brokerages rate OFG “buy”, 1 “hold”; Median PT $23

** Including session gains, OFG has surged 42% this year; BNS up 5% in the same time (Reporting by Bharath Manjesh in Bengaluru)

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