BlackRock Buys 25% Stake in Ex-Treasury Aide’s Bank Venture
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BlackRock Inc., the world’s biggest money manager, acquired a 25 percent stake in a community banking cooperative started by Lee Sachs, a former aide to Treasury Secretary Timothy Geithner. Terms weren’t disclosed.
Alliance Partners, based in Chevy Chase, Maryland, has assembled a cooperative network of banks called BancAlliance, the company said in a statement. BancAlliance seeks to provide its members with more lending opportunities to reduce their reliance on real estate loans and assets.