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The deal is valued at $2.35 according to a news release. Fifth Third will realize a pre-tax gain of abouft $1.7 billion, according to a news release. The transactiob will contributeabout $1.2 billion to the bank’xs Tier 1 equity. Fifth Third’as credit card issuing business was not part of the and will be retained bythe “This completes the capitalp plan we laid out in June of 2008, and enables us to focu s more fully on leveraging the opportunities of the processintg business with Advent and our othetr businesses,” said Kevin Kabat, chairman, president and CEO of Fiftu Third, in the release. Fifth Thire that it would sell the interest to a private equity firmwith U.
S. headquarters in Boston. The processing unit’s employees and technologyu platform will remainas is, the two companiess said. Fifth Third (NASDAQ: FITB), headquarteredf in Cincinnati, is the Tri-State’s largest bank, and has 16 affiliatea with about 1,300 banking centersz and more than 2,300 ATMs in Ohio, Kentucky, Indiana, North Carolina, Michigan, Illinois, Florida, West Virginia, Pennsylvania, and Missouri.
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