Avco Financial Services, of Newport Beach, said...

Avco Financial Services, of Newport Beach, said it has purchased San Juan, Puerto Rico-based Metro Finance Co. for approximately $30 million. The acquisition of Metro’s 33 branches on the island, along with its $17.8 million in receivables, makes Avco the second-largest consumer finance company in the commonwealth. According to Avco officials, the purchase is part of its plan to create a new Caribbean service area which will consist of 45 branches in Florida and 54 in Puerto Rico. In addition to its domestic offices, Avco, a subsidiary of Providence, R.I.-based Textron Inc., currently has offices in Australia, Japan, Canada and the United Kingdom.