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LONDON, UK / ACCESSWIRE / February 02, 2018 / Active-Investors.com has just released a free research report on BB&T Corp. (NYSE: BBT). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=BBT as the Company's latest news hit the wire. Privately-owned Rosenthal & Rosenthal, Inc., announced that it has completed the acquisition of BB&T's domestic factoring portfolio. The deal is set to expand Rosenthal & Rosenthal's existing factoring business. The financial terms of the deal were not disclosed by any of the companies. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Factoring also known as “accounts receivable financing” is a type of secured credit for business owners to get working capital to run their Companies against invoices, or receivables. BB&T's Factoring business was a part of its Commercial Lending division.
Details of the deal
The deal allows Rosenthal & Rosenthal to add BB&T's 90 factoring clients and approximately $2 billion in volume to its existing factoring portfolio valued $9 billion. The Company plans to start a new front office in Georgia and a back-office support in North Carolina to manage the additional portfolio acquired from BB&T. The offices at these two new locations will complement Rosenthal & Rosenthal's existing office in California and their headquarters in New York. Existing twenty-five members of BB&T's factoring team will join Rosenthal & Rosenthal's existing team of 200 employees and will together cater all its clients.
This is a historic deal and the first acquisition in the Company's 80-year history. The deal allows it to expand and diversify its services and solutions to a larger geography and customer base. The deal is expected to allow Rosenthal & Rosenthal to explore new business opportunities in sectors like furniture, casual living, fabrics, and textiles industries along with the strong business presence it enjoys in sectors like fashion, apparel, accessories, manufacturing, food & beverage and gift & home.
The deal is in line with BB&T's business strategy of divesting non-core businesses and focus on its core business.
Commenting on the acquisition of BB&T's factoring portfolio, Peter Rosenthal, President of Rosenthal & Rosenthal. Said:
“We are excited to acquire BB&T's portfolio of factoring clients and honored to welcome their talented team of professionals into the Rosenthal family. This acquisition is a logical step forward for our firm, significantly advancing our goal of establishing Rosenthal as the leading independent national finance Company.”
Robert Fentress, Specialized Finance and Operations Manager at BB&T, added:
“We are pleased to be a part of this transaction with Rosenthal & Rosenthal. Both our clients and associates will benefit from an association with one of the most respected firms in the factoring and asset-based lending business.”
About Rosenthal & Rosenthal Inc.
New York based Rosenthal & Rosenthal was established by Imre J. Rosenthal in 1938. The Company is being led by the second and third generations of the Rosenthal family. It is a leading independent factoring, asset-based lending and purchase order financing firm in US. The Company is committed to providing personalized service and flexible lending to clients across a broad range of industries. The Company has offices in New York, California, Georgia, and North Carolina.
About BB&T Corp.
Winston-Salem, North Carolina-based BB&T is a Fortune 500 Company and one of the largest financial services holding Companies in US with a long tradition of excellence in community banking. BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets, and specialized lending. It operates over 2,000 financial centers in 15 states and Washington, D.C. As on December 31, 2017, the Company had $221.6 billion in assets and market capitalization of $38.9 billion.
Stock Performance Snapshot
February 01, 2018 - At Thursday's closing bell, BB&T's stock marginally rose 0.92%, ending the trading session at $55.70.
Volume traded for the day: 3.28 million shares.
Stock performance in the last month – up 11.58%; previous three-month period – up 13.12%; past twelve-month period – up 21.22%; and year-to-date - up 12.03%
After yesterday's close, BB&T's market cap was at $43.66 billion.
Price to Earnings (P/E) ratio was at 20.31.
The stock has a dividend yield of 2.37%.
The stock is part of the Financial sector, categorized under the Regional - Southeast Banks industry. This sector was up 0.4% at the end of the session.
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