I think we'll see a joint bid by Popular/Santander since Popular doesn't need some of WHI's overlapping branches. This follows a similar pattern used by Popular/Santander in the late 70's when they bid and won the failed Banco Credito.
Btw, I think some profit taking today is normal after the rise of over 30% in two days.
Yes, I agree.
I am not so sure thisi is rumor as it is moore just plain common sense.
While I am sure that the FDIC wants to minimize losses and I know that BPOP is the dominant player on the Island and elsewhere, still, the FDIC has to ensure a fair process to all.
They must avoid the appearance or reality of a monopoly on the Island by ensuring competition...otherwise, what choice will the consumer on the Island have?
There are probably people who do not bank with BPOP now because of a bad experience or higher rate or whatever service related factor.
There are probably people who bank at BPOP for the same reasons - experience with a previous institution that may have been unfavorable.
So there must be choice for all. Whether the bidding is between BPOP and Santander or BBVA or any other bank - the FDIC will attempt to ensure a sense of competition, consumer choice, etc.
If someone other than BPOP were to win bids, then I am more than certain that BPOP will rise to the occasion and create offerings that will win those customers over to them - through marketplace competition - as it should be.