Regions Financial Corp. (NYSE:RF) has announced that the company’s Chairman and Chief Executive Officer Dowd Ritter will be open to accepting a partner for the company’s brokerage subsidiary Morgan Keegan & Co. When asked at the Goldman Sachs & Co. US Financial Services Conference in New York if Regions would consider a joint venture for Morgan Keegan to generate capital to repay the Troubled Asset Relief Program funds, Ritter stated that the brokerage is “of strategic importance to Regions.” Ritter remains optimistic that demand for commercial loans may increase due to low inventories.
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Regions Financial Corporation operates throughout the South, Midwest, and Texas. The financial holding company offers traditional commercial, retail and mortgage banking services, in addition to financial services in the fields of investment, banking, asset management, trust, mutual funds, securities brokerage, insurance and other specialty financing. Its banking operations are operated through Regions Bank, an Alabama chartered commercial bank and member of the Federal Reserve System.
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