August 8, 2017 / 3:27 PM / a year ago

BRIEF-Fifth Third Bancorp announces agreement to sell Vantiv shares

Aug 8 (Reuters) - Fifth Third Bancorp:

* Fifth Third Bancorp announces agreement to sell Vantiv shares

* On consummation of share repurchase, Fifth Third will no longer be entitled to appoint a director to Vantiv's board of directors​

* During Q3, Co expects to recognize pre-tax gain of about $1.0 billion related to agreements with Vantiv​

* On consummation of share repurchase Fifth Third's remaining director will resign from Vantiv's board​

* Assuming after-tax proceeds are deployed into share repurchases, impacts of transactions are expected to be accretive to 2018 EPS​

* Fifth Third currently expects to repurchase common shares from realized after-tax gains from transaction​

* Fifth Third will continue to account for its ownership in Vantiv Holding LLC under equity method of accounting​ Source text for Eikon: Further company coverage:

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