A PYMNTS Company

US: DOJ Oks BB&T, SunTrust merger approval with divestitures

By  |  November 10, 2019

BB&T and SunTrust Banks have won US antitrust approval to merge on condition that they divest 28 branches in three states, the Justice Department stated on Friday, November 8.

The deal still needs approval from the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, reported CNBC. 

SunTrust Banks stated it will sell 30 branches as part of its upcoming merger with BB&T Corp. to form Truist.

“This announcement marks another significant and required step toward the merger of equals between BB&T and SunTrust,” said Kelly King, BB&T chairman and CEO.

Full Content: CNBC

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.