NEW YORK: SunTrust Banks Inc. said on Sunday it agreed to acquire National Commerce Financial Corp. for nearly US$7bil in cash and stock, bolstering the bank's footprint in the fast-growing south-eastern United States.
The deal, the second major US bank merger announced in the past week, would create a top 10 US bank with US$148bil in assets. This marks the first major acquisition by Atlanta-based SunTrust since it lost a bidding war for Wachovia Corp. to rival First Union in 2001.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
