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Popular completes regulatory clearance process for auto finance business deal

Popular Inc. completed the regulatory clearance process for unit Banco Popular de Puerto Rico's pending deal to acquire certain assets and liabilities related to Wells Fargo & Co.'s auto finance business in Puerto Rico.

The applicable waiting period relating to the review of the deal by the Federal Reserve Board expired July 4. Popular had earlier filed a notice with the Fed for deal approval.

Popular and Wells Fargo have agreed to close the transaction Aug. 1.