Spain’s Banco Popular to buy U.S. TotalBank for $300 mln

“Spanish bank Banco Popular Espanol Wednesday said it has agreed to buy Florida-based U.S. bank TotalBank for $300 million, its first acquisition outside the Iberian peninsula.

TotalBank, which caters mostly to small and midsize businesses and is based in Miami-Dade county, operates 14 branches and has assets worth some $1.4 billion.

By purchasing TotalBank, Banco Popular gains a foothold in one of the main gateways to Latin America, where Spanish businesses are very active. About 57% of Miami-Dade countys population is Hispanic.”

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