Regions Financial Corp. (NYSE: RF) is selling one of its subsidiaries to BB&T Corp. as part of its efforts to simplify its business model.
BB&T Insurance Holdings will acquire Regions Insurance by the third quarter of this year, subject to regulatory approval. Financial details surrounding this transaction were not disclosed, but Regions said it plans to use capital generated by the transaction to repurchase shares of common stock.
“This transaction supports our efforts to streamline our company…
