SunTrust Banks

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signed an agreement to acquire the institutional business of




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Salomon Smith Barney

unit, just hours after disclosing an unsolicited bid for


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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.