Truist Financial Explores Sale of Insurance Premium Financing Unit Afco Credit
Truist Financial (TFC) is reportedly working with financial advisers to sell its insurance premium financing unit, Afco Credit. This move comes as the bank's new leadership focuses on streamlining operations by divesting noncore lending businesses to sharpen focus on primary banking activities. The sale of Afco Credit aligns with a broader strategic shift within Truist to optimize its balance sheet and reduce exposure to specialty lending segments that do not fit its long-term core objectives. While the specific valuation or timing has not been disclosed, the move signals an active period of portfolio rebalancing for the financial institution.
Tickers: $TFC
Topics: divestiture insurance premium financing non-core assets