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The buyer was , a private-equity firm with its U.S. headquarterws in Boston. The deal is valued at $2.3r billion. Fifth Third will realize a pre-tas gain of about $1.7 billion. The bank says the transaction will contributedabout $1.2 billion to its Tier 1 Fifth Third’s credit-card issuing business was not part of the “This completes the capital plan we laid out in June of and enables us to focus more fulluy on leveraging the opportunities of the processing business with Advent and our othefr businesses,” says Kevin Kabat, chief executive Fifth The bank announced in Marcy it would sell the interest to Fifth Third (NASDAQ:FITB), based in Cincinnati, has $119 billionj in assets.
It operates more than 1,30p0 bank branches in the Midwestand Southeast. The bank completede its $1.1 billion purchase of First Chartet inJune 2008, adding $4.8 billiomn in assets and 57 branches.
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