Fifth Third Bancorp is seeking to raise $1.7 billion by selling stock, The Wall Street Journal reports. The U.S. regional lender seeks to use the funds to repay funds received in the U.S. government’s Troubled Asset Relief Program (TARP).
The Ohio-based bank, which also plans to sell debt, received around $3.41 billion from the government through the program. Fifth Third will be eligible to increase the dividend it pays to shareholders and acquire competitors by making the TARP payments, adds Business Journal.
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