BBT BB and T Corporation

   By Allison Prang 
 

Regions Financial Corp. is selling its insurance subsidiary to BB&T Corp.'s insurance group, the companies said Friday.

Terms of the deal weren't disclosed.

BB&T Insurance Holdings is the fifth largest insurance broker in the world and has more than 200 offices, the company said in a press release.

Regions Financial Chief Executive Grayson Hall said in prepared remarks that the deal "supports our efforts to streamline our company and focus on businesses where we can add the most value for our clients, associates and shareholders." The company said it expects to use deal proceeds to buy back shares.

The deal is expected to close in the third quarter.

Shares of Regions fell 0.8% premarket while BB&T shares were unchanged.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

April 06, 2018 09:36 ET (13:36 GMT)

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