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PUERTO RICAN BANK BUYS CITIBANK.

Publication: Caribbean Update
Date: Wednesday, December 1 1999

First Bank Puerto Rico is to buy Citibank operations in the U.S. Virgin Islands, reports CANA (October 30, 1999). First Bank Executive Vice-President Fernando Batlle said that Citibank will, however, retain a small presence in the Virgin Islands, in the form of a corporate banking unit. First

Bank has branches in St. Thomas and St. Croix. It has a total of 53 branches in Puerto Rico and the USVI, with assets totaling US$4.4 billion. Meanwhile, Virgin Islands Community Bank (VICB) has announced its intention to purchase Chase Manhattan branches in the U.S. and British Virgin Islands as well as Barbados.

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