SunTrust Banks

(STI) - Get Report

signed an agreement to acquire the institutional business of

Robinson-Humphrey

from

Citigroup's

(C) - Get Report

Salomon Smith Barney

unit, just hours after disclosing an unsolicited bid for

Wachovia

(WB) - Get Report

.

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.