Rochester,NY 7/9/2009 10:11:59 PM
FITB - Fifth Third Bancorp fulfilled the sale for Processing Solutions business - Sourced WhisperFromWallStreet.com
Fifth Third Bancorp
FITB - Fifth Third Bancorp fulfilled the sale for Processing Solutions business - Sourced WhisperFromWallStreet.com
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Fifth Third Bancorp,FITB
Real-Time: 6.78 Up 0.20 (3.04%) 10:58AM ET
COMPANY NEWS
Fifth Third Bancorp, parent company of the former First Charter Corp. of Charlotte, has completed the sale of a 51 percent stake in its Fifth Third Processing Solutions business. The buyer was Advent International Corp., a private-equity firm with its U.S. headquarters in Boston. The deal is valued at $2.35 billion. Fifth Third will realize a pre-tax gain of about $1.7 billion. The bank says the transaction will contribute about $1.2 billion to its Tier 1 equity. Fifth Third’s credit-card issuing business was not part of the deal.
COMPANY INFORMATION
Fifth Third Bancorp operates as a diversified financial services holding company. The company?s 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.
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