suntrust banks inc (STI) Key Developments
SunTrust Banks, Inc. Names David Fuller as President of the SunTrust Foundation
May 13 15
SunTrust Banks, Inc. named David Fuller as President of the SunTrust Foundation. He has been division president for SunTrust Bank in Central Florida since September 2010. Previously, he served in leadership positions for Core Commercial Banking and Treasury & Payment Solutions.
Bidders Come Up For GE Unit
May 7 15
Blackstone Capital Partners LP, KKR & Co. L.P. (NYSE:KKR), Apollo Capital Management Group, L.P., Ares Management, L.P. (NYSE:ARES) and SunTrust Banks, Inc. (NYSE:STI) race for General Electric Company (NYSE:GE) unit. They are among at least five groups expected to make an offer to acquire General Electric's $16 billion buyout-lending arm, said people familiar with the matter. The four private equity groups and SunTrust Banks are expected to make offers as early as Thursday when the first round of bids open, people close to the process said.
SunTrust Banks, Inc. Declares Quarterly Dividend on Common Stock and Preferred Stock, Payable on 15 June 2015
Apr 29 15
SunTrust Banks Inc. declared that its board of directors approved a higher common stock dividend of USD 0.24 per share for the quarter, an increase to the dividend of USD 0.20 per share paid in the previous quarter.
Additionally, the board authorised quarterly perpetual preferred stock cash dividends of USD 1,022.22 per share on the company's series A stock; USD 1,022.22 per share on the series B stock; USD 1,468.75 per share on series E stock; and a half yearly dividend of USD 3,406.25 per share on the series F stock. The dividends will be paid on 15 June 2015 to shareholders of record at the close of business on 29 May 2015.
GE Reportedly Limits Bidders For Sponsored Finance Business To 12
Apr 28 15
General Electric Company (NYSE:GE) (GE) has limited the bidders for its unit. Three sources stated that the company has sent out nondisclosure agreements (NDAs) to potential bidders of its sponsored finance business, which includes GE Antares Capital. They added that GE is limiting the field to 12 interested buyers. Part of the sale includes a joint venture between GE has with Ares Management, L.P. (NYSE:ARES), the people said. According to the banker, so far, Apollo Global Management, LLC (NYSE:APO), Ares and Mitsubishi UFJ Financial Group, Inc. (TSE:8306) have signed the NDAs. Two other sources added that Macquarie Group Limited (ASX:MQG) is in talks to partner with Ares to make a bid for GE’s sponsored finance unit. According to the news report, tt’s unclear if Macquarie has signed the NDA. Recently, Bloomberg reported that Apollo, Ares and SunTrust Banks, Inc. (NYSE:STI) were weighing making offers for the GE unit. Citigroup is advising on the deal. First rounds bids are due in May 2015, Bloomberg said. It further added that the unit is likely to fetch more than $10 billion. According to the report, Executives for Apollo, Ares, GE, Macquarie and SunTrust declined comment. Mitsubishi could not be reached for comment.
SunTrust, Apollo, Ares Reportedly Eyeing GE’s Buyout-Lending Unit
Apr 24 15
Potential suitors are eyeing unit of General Electric Company (NYSE:GE) (GE). Bloomberg reported, citing people with knowledge of the matter as saying that SunTrust Banks, Inc. (NYSE:STI), Apollo Global Management, LLC (NYSE:APO), and Ares Management, L.P. (NYSE:ARES) are considering offers for buying GE’s unit that lends to private-equity firms in the United States. The news report mentioned that GE is working with Citigroup to sell the business, expected to be worth $10 billion. The division is among the $200 billion of assets put up for sale in April 2015. GE is also working with Bank of America Corp on a separate sale process for its European private equity-lending arm, which has about $6 billion in loans, Bloomberg report mentioned. According to the news report, Sue Bishop, a GE Capital spokeswoman, declined to comment. On Monday, Reuters reported that GE is in early-stage talks with Wells Fargo & Company (NYSE:WFC) for selling its $74 billion U.S. commercial lending and leasing portfolio.