According to the BB&T Corp., the said deal is aimed at expanding the company?s operations in its Insurance Services particularly in California. The transaction is said to be closed on the first day of October.
The Liberty Benefit Insurance Services, which is San Jose-based, is assisting commercial customers deal with the increasing costs of health care, adjusting to the ever-changing rules, regulations and benefits of the administration. Once the transaction is finally completed, Liberty will be operating as part of BB&T.
Operations of BB&T Insurance Services are widely spread on over a hundred insurance agencies across the ten states of US. It was in the year of 2008 when BB&T penetrated the Californian market with its possession of the UnionBank Insurance Services based in San Diego.
The deal with Liberty Benefit Insurance can be beneficial for the bank as it will bolster the trust of its stakeholders along the way. Moreover, additional financial opportunities for BB&T as it will reap more funding sources to finance more of their expansion projects in the future.
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Source: http://www.retirementplannings.org/bbt-will-close-deal-liberty-4644
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