The latest transactions, mergers and acquisitions affecting North American wealth management.

Truist
New York-listed Truist Financial Corporation has completed a “merger of equals” between BB&T Corporation and SunTrust Banks, both of which provide wealth management in their offerings.

The transition to the “full Truist experience” will take place over two years, Truist said, adding that it is the sixth-largest US commercial bank and is based in Charlotte, New Carolina. 

The merger was announced on February 7 and final regulatory approvals were received on November 19.

"This is a historic moment for Truist - a financial services organization created from two companies with shared values and a deep commitment to building a better future for our clients and communities," Truist chairman and chief executive Kelly S King, said.

For now, clients will continue to be served through their respective BB&T or SunTrust branches, websites, mobile apps, financial advisors and relationship managers. Clients can now use BB&T and SunTrust ATMs to make withdrawals without incurring out-of-network fees, Truist said.

Truist’s holding companies offer services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending and wealth management.