J.C. Flower acquired Island Finance from Santander Financial

Santander Financial Services, Inc. has reached a definitive agreement to sell the personal loan and sale finance loan assets comprising the Island Finance business to funds advised by J.C. Flowers & Co. LLC and affiliates, a leading private investment firm dedicated to investing globally in the financial services industry. The agreement is expected to close in the next few months and is subject to regulatory approvals and other customary closing conditions. As part of the transaction, an entity controlled by J.C. Flowers will continue to manage the business with a workforce of over 600 in Puerto Rico, which includes employees and temporary staff that are currently part of Island Finance, and will also assume the leases for the Island Finance branches.