Rochester, NY 7/9/2009 12:40:39 AM
Afternoon Movers - FITB - Fifth Third Bancorp Announces Closing of Joint Venture with Advent International - Sourced WhisperFromWallStreet.com
Fifth Third Bancorp
Afternoon Movers - FITB - Fifth Third Bancorp Announces Closing of Joint Venture with Advent International - Sourced WhisperFromWallStreet.com
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Fifth Third Bancorp,FITB
Fifth Third Bancorp (NASDAQ: FITB) and Advent International announced today the consummation of their joint venture transaction for Fifth Third's processing business. Advent is purchasing an approximate 51% interest in Fifth Third's merchant acquiring and financial institutions businesses, most of the assets and operations of which are held by a limited liability company ("the LLC"). The transaction is valued at approximately $2.35 billion before valuation adjustments by either party. Fifth Third will retain an approximate 49% interest in the LLC, and will also retain its credit card issuing business, which includes retail credit card and commercial multi-card services. "We believe we are very well positioned for the future," said Charles Drucker, CEO of Fifth Third Processing Solutions, LLC. "Our clients will maintain the same industry-leading platform as before, working with the same team, delivering the same high caliber client service they are accustomed to. Reaction to this transaction from our clients has been very favorable, and our employees are also excited about the future of this company."
About
Fifth Third Bancorp operates as a diversified financial services holding company. The companys Commercial Banking segment offers banking, cash management, and financial services; traditional lending and depository products and services; other services, including foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers. Its Branch Banking segment provides a range of deposit and loan, and lease products to individuals and corporations. Its products include checking and savings accounts, home equity loans and lines of credit, and credit cards and loans for automobile and personal financing needs. The companys Consumer Lending segment involves in mortgage and home equity lending activities, such as origination, retention, and servicing of mortgage and home equity loans; other indirect lending activities, which include loans to consumers through mortgage brokers, automobile dealers, and federal and private student education loans.
Last Trade: 6.55
Day's Range: 6.42 - 6.99
52wk Range: 1.01 - 21.00
Volume: 17,753,080
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