Liberty Financial joins American Financial Network
Liberty Financial, a major Wall Street financial company, has agreed to buy the American Financial network for an undisclosed sum.
Liberty is one of several major Wall St. financial companies that are interested in buying the American financial network, according to a source familiar with the transaction.
Liberty will now be known as American Financial, which will have an annual revenue of $2.3 billion and has an operating profit of $764 million.
Liberty Financial announced last month that it would buy the Amerigroup network for $6.3 trillion.
The deal will create the largest publicly traded U.S. financial company.
Liberty Financial and American Financial have been partners since 2010.
In May, Liberty said that it was going to acquire the Wall Street finance giant Amerigroup for $10 billion.
Liberty said it will also buy the investment bank Citigroup for about $8 billion, and the investment firm JPMorgan Chase for $5.5 billion.
As part of the deal, Liberty will create an American Financial subsidiary that will invest $2 billion in the company’s commercial and banking assets.
Liberty has said it is looking to acquire about 80% of the American business, which includes banks, savings and loans, credit cards, credit unions, and mutual funds.
“We will be building the American Business Network and making it the leading provider of high-quality, high-performance financial products and services to American consumers and investors,” said Jeff Kravetz, Liberty’s chief executive officer.
American Financial is the largest U.K. financial network with about $9.4 trillion in assets.
Earlier this month, Liberty filed for bankruptcy protection in the U.KS., citing bad debt.
Last week, the Financial Times reported that the Wall St.-listed company was being sued by a former employee over alleged sexual harassment and misconduct.
During the 2016 presidential campaign, Trump and his supporters said that a woman who accused him of groping her should have never filed the lawsuit.
Trump has denied the allegations.
A Trump spokeswoman did not immediately respond to a request for comment.