Update: Truist Financial to Sell $5.5 Billion of Regional Acceptance Auto Loans to Apollo

MT newswire2026/09/15 15:08

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11:08 AM EDT, 09/15/2026 (MT Newswires) -- (Updates the headline and adds details in the second and last paragraphs.) Truist Financial (TFC) said Tuesday it agreed to sell $5.5 billion of auto loans representing substantially all the assets of its Regional Acceptance unit. The buyer is Apollo Global Management (APO), Bloomberg News reported Tuesday, citing people familiar with the matter. Truist said the deal is expected to close in late Q3 or early Q4, and generate about $5.2 billion of net proceeds along with a $535 million release of loan-loss reserves. The sale is expected to increase its equity Tier 1 capital ratio by about 22 basis points and reduce non-performing loans by more than 10 basis points as of June 30, the company said. It is also expected to reduce annual net charge-offs by about 10 basis points, the company added. Truist said its Q3 and full-year 2026 outlook remains unchanged, excluding the impact of the strategic actions. The company said it expects the actions to modestly increase earnings and return on tangible common equity in 2027. Truist Financial and Apollo Global Management did not immediately respond to requests for comment from MT Newswires. Price: 51.05, Change: +0.95, Percent Change: +1.89

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