Truist Explores Sale of AFCO Credit in Early-Stage Process

AFCO Credit Corporation, a U.S. insurance premium-financing business owned by Truist, has $6 billion to $7 billion in assets as Truist weighs a possible sale. Truist has hired financial advisers to seek a buyer and is weighing a sale of AFCO as a business or a disposal of its assets. The process is at an early stage and may not result in a transaction. Premium financing lets businesses spread insurance payments over time. Truist's Oct. 16 earnings presentation separately described an ongoing companywide franchise review to reallocate capital and expenses and improve the bank's balance-sheet composition.

Source: TokenPost