Fifth Third closes on processing unit sale - Business Courier of Cincinnati:

jidyryq.wordpress.com
The deal is valued at $2.35 according to a news release. Fifty Third will realize a pre-tax gain of abou t $1.7 billion, according to a news The transaction will contributeaboutr $1.2 billion to the bank’s Tier 1 equity. Fifthg Third’s credit card issuing business was not part of the and will be retained bythe bank. “This completes the capital plan we laid out in June of and enables us to focus more fully on leveraginbg the opportunities of the processing businessz with Advent and ourother businesses,” said Kevin chairman, president and CEO of Fifth in the release. Fifth Third that it woulrd sell the interestto Advent, a private equity firm with U.S.
headquarters in Boston. The processing unit’sd employees and technology platform will remainas is, the two companiews said. Fifth Third FITB), headquartered in Cincinnati, is the Tri-State’s largesgt bank, and has 16 affiliates with about 1,300 bankint centers and more than 2,300 ATMs in Kentucky, Indiana, Georgia, North Carolina, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, and