Regions Financial Corp. (RF) may sell its Morgan Keegan & Co. unit to Raymond James Financial Inc. (RJF) or Stifel Financial Corp. (SF) for as much as $1 billion, the Wall Street Journal reported, citing unidentified people familiar with the matter.
The sale may fetch between $900 million and $1 billion and may be completed next week, the Journal said. J.P. Morgan Chase & Co. will extend a line of credit of about $900 million to help conclude the transaction, the newspaper said, citing other unidentified people.
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