The Largest Banking Transaction for the Last 10 Years Is Being Prepared in the USA

BB&T, an American financial company, and SunTrustBanks, an American banking holding, will be merged by creating the sixth largest banking holding company in the country, as it is reported in BB&T’s release.

“SunTrustBanks Inc. and BB&T Corporation announced today that the Boards of Directors of the both companies unanimously approved the final version of the agreement on an equal merger in a total amount of approximately $66 billion”, the statement said.

It is noted that the merged company will become the sixth largest US bank in terms of assets and deposits. It will work under a new name that will be determined before the closing of the transaction in the fourth quarter of the current year. Vacancies on the Board of Directors and the Management Team of the new bank will be equidistributed between BB&T and SunTrust’s representatives. Its headquarters will be located in Charlotte, North Carolina.

The companies expect a synergistic effect of the transaction to be at least $1.6 billion by 2022.

BB&T is one of the largest holding companies providing financial services in the USA. Headquartered in Winston-Salem, North Carolina. The SunTrustBanks Banking Holding was established in 1891, with a headquarter in Atlanta.