OFG OFG Bancorp

MADRID--Spain's Banco Bilbao Vizcaya Argentaria SA (BBVA) said Thursday it has reached an agreement to sell its business in Puerto Rico to Oriental Financial Group Inc. (OFG) for $500 million.

The sold business is the seventh biggest in Puerto Rico by deposits, with $5.2 billion in assets and $3.3 billion in deposits, BBVA said in a regulatory filing.

San Juan-based Oriental is the fourth-largest bank in Puerto Rico.

Write to Christopher Bjork at christopher.bjork@dowjones.com