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Rating:Is Bank Ready to Sell its $48B Asset Arm? Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, March 4, 2013

Is Bank Ready to Sell its $48B Asset Arm?

News summary by MFWire's editors

Maybe the third time is the charm.

Reuters reports that SunTrust Banks Inc. has found three private equity firms interested in buying the regional bank's RidgeWorth Investments arm.

According to the newswire, the purported price for the asset manager would be between $250 and $300 million.

The newswire reports that this is the bank's third such try in three years to find a RidgeWorth buyer.

The prospective bidders include New York-based Lightyear Capital and Crestview Partners, and Chicago-based Thoma Bravo, LLC, said the sources.

Last month, Crestview partnered with the employees of Victory [profile] in a $246 million buyout from KeyCorp.

Read more on this development in Reuters.  

Edited by: Tommy Fernandez

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