Fifth Third Bancorp sells stake in processing business
Fifth Third Bancorp says it is selling a majority stake in its payments-processing business to global buyout firm Advent International for $561 million.
Fifth Third Bancorp says it is selling a majority stake in its payments-processing business to global buyout firm Advent International for $561 million.
The deal announced Monday is expected to help the regional bank boost a key capital level by about $1.2 billion.
Fifth Third says the business processes electronic payments such as debt, credit and merchant transactions.
Cincinnati-based Fifth Third will retain a 49 percent stake in the business. It expects the deal will close during the second quarter.
Advent International is a global buyout firm with offices in 15 countries.
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