-
Fifth Third Bancorp (FITB) boosted quarterly profits thanks to slightly stronger revenue and a special gain associated with a former processing unit.
July 19 -
Fifth Third Bancorp (FITB) expects to gain up to $71 million from the initial public offering of payment processor, Vantiv (VNTV).
March 22
Fifth Third Bancorp (FITB) is cashing in some of its stake in Vantiv (VNTV).
The $117 billion-asset company said Friday it expects to recognize a pretax gain of roughly $140 million in the fourth quarter from the sale of 12.4 million shares of common stock in Vantiv that the payments processor is selling on Fifth Third's behalf.
The shares represent roughly 15% of Fifth Third's stake in Vantiv,
A Fifth Third spokeswoman declined to comment on the sale.
Fifth Third said in November it expects to use proceeds from the sale for general corporate purposes, including reinforcing its balance sheet and buying back common stock.
Vantiv was a joint venture established in 2009 between the private-equity firm Advent International and Fifth Third's banking unit, Fifth Third Bank.
