Truist Financial CEO Mike Lyons purchased $1 million worth of company shares just two days after the company agreed to sell $5.5 billion of auto loans to Apollo Global Management for net proceeds of $5.2 billion.
In a 15th September regulatory filing, Truist stated it will sell substantially all the assets of Regional Acceptance, which is its near-prime auto-lending unit, expected to release $535 million from loan-loss reserves. The loan sale is expected to close in late Q3 or early Q4, and proceeds will be used to repay outstanding wholesale borrowings, among other corporate actions.
