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PE firm KKR acquires $373 million portfolio of Synovus Bank's prime auto loans
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(Reuters) — Private equity giant KKR said on Tuesday it had acquired a $373 million portfolio of prime auto loans from Synovus (NYSE:SNV) Bank.
Shares of Synovus Financial, the parent company of the bank, rose 2.8% in extended trading.
KKR, which made the investment through its private credit funds and accounts, said the deal aligns with its asset-based finance strategy.
The sale comes as regional banks shed consumer loan portfolios to reduce risk in rising interest rate environment and look to improve balance sheet liquidity following a sector-wide crisis earlier this year.
In late June, asset manager Ares Management (NYSE:ARES) also inked a deal with PacWest Bancorp for a $3.54 billion lender finance portfolio.
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