Regions to buy equipment finance firm Ascentium
Summary
The $126 billion-asset Regions said Thursday that it has agreed to acquire Ascentium Capital in Kingswood, Texas, from the global private equity firm Warburg Pincus. Ascentium has 460 employees, all of whom will join Regions when the deal closes, and partners with almost 4,000 manufacturers, dealers and distributors to finance equipment for small-business customers. “We are pleased to join Regions, a firm known for its commitment to the customer experience and a long history of providing comprehensive banking solutions to companies of all sizes,” Depping, Ascentiums CEO, said in a news release. Regions has generally ruled out whole-bank M&A in the past few years, instead favoring smaller nonbank deals that could boost fee income. Company executives have identified equipment finance as an area of interest, alongside wealth management and mortgage servicing.