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Popular seeks Fed approval to acquire Wells' Puerto Rican auto finance business

Popular Inc. has filed a notice with the Federal Reserve Board seeking approval for unit Banco Popular de Puerto Rico's pending deal to acquire Wells Fargo & Co.'s auto finance business in Puerto Rico.

The Hato Rey, Puerto Rico-based company now expects the deal to close in the third quarter.

Popular President and CEO Ignacio Alvarez earlier remained hopeful that the deal would still close by the end of second quarter.

On Feb. 14, Banco Popular de Puerto Rico announced that it is acquiring about $1.5 billion in retail auto loans and $340 million in commercial loans in Wells Fargo's Reliable Financial Services Inc. and Reliable Finance Holding Co.