SunTrust to Acquire Institutional Business of Robinson-Humphrey

SunTrust Banks (STI Quote) signed an agreement to acquire the institutional business of Robinson-Humphrey from Citigroup's (C Quote) Salomon Smith Barney unit, just hours after disclosing an unsolicited bid for Wachovia (WB Quote).

The transaction requires regulatory approval. SunTrust expects to close the deal by the end of the summer. Financial terms weren't disclosed.

The Robinson-Humphrey private client business and the municipal banking, sales and trading operations, aren't included in this transaction and their management structures will remain the same.