Fifth Third Bancorp (NASDAQ:FITB) Shares Acquired by SG Americas Securities LLC

Fifth Third Bancorp is a regional bank holding company based in Cincinnati, Ohio. The company operates in 10 states across the United States and has over $200 billion in assets under management.

SG Americas Securities LLC is a subsidiary of Société Générale (SG), a French multinational financial services company. SG Americas Securities LLC provides investment banking, securities trading, and asset management services to clients in the Americas region.

On March 10, 2023, SG Americas Securities LLC announced that it had acquired approximately 4.7 million shares of Fifth Third Bancorp common stock for a total purchase price of $1.5 billion. The acquisition represents a significant investment in the regional banking industry and underscores SG's commitment to expanding its presence in the United States.

The acquisition is expected to provide SG with increased access to Fifth Third Bancorp's customer base, as well as opportunities for cross-selling and revenue growth. Additionally, it will allow Fifth Third Bancorp to benefit from SG's expertise in investment banking and securities trading, which could help the bank expand its offerings and better serve its customers.

The acquisition is subject to regulatory approval and is expected to close in the second quarter of 2023.