TCF buys ECN Capital’s service finance business for $2 billion

Aug 10 (Reuters) – Truist Financial Corp said on Tuesday it would buy ECN Capital Corp’s service finance business for $2 billion to expand Truist’s point-of-sale lending business.

After the deal closes, ECN Capital intends to pay a special dividend of C$7.50 per common share, or about $1.5 billion, from the net proceeds to its common shareholders. (Reporting by Mrinalika Roy in Bengaluru; Editing by Devika Syamnath)

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