Fifth Third Bancorp, FITB
Fifth Third Bancorp and Advent International announced 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.
ABOUT
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.
Last Trade: 7.12
Day's Range: 6.65 - 7.18
52wk Range: 1.01 - 21.00
Volume: 19,819,492
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