Truist Agrees to Sell $5.5 Billion Auto Loan Portfolio to Apollo

According to Wallstreetcn, Truist Financial agreed to sell $5.5 billion of auto loans to Apollo Global Management, a deal expected to generate $5.2 billion in net proceeds and release $535 million in loan-loss reserves while allowing Truist to exit the business of making car loans to subprime consumers. Truist is conducting a broader strategic review under new CEO Mike Lyons, who is seeking to improve the bank's business mix and narrow its strategic focus to core areas.