KKR Scoops Up Auto Loan Portfolio as Regional Banks Shed Assets
- Synovus Bank agreed to sell the $373 million portfolio in July
- KKR is latest private lender to buy US regional banks’ assets
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Private equity giant KKR & Co. has purchased a portfolio of prime auto loans from Georgia-based Synovus Financial Corp., as US regional lenders continue to sell assets to shore up capital.
Synovus Bank — whose parent company is Synovus Financial — sold the $373 million portfolio to private credit funds and accounts managed by KKR, according to a statement seen by Bloomberg. The deal was signed in late July, said Dan Pietrzak, global head of private credit at KKR, in an interview.