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T. Rowe Price Group Inc Price Sold Bank To Safra To Avoid Banking Regulation-DJ


Wednesday, 29 May 2013 06:41pm EDT 

Dow Jones reported that T. Rowe Price Group Inc decided to sell its bank subsidiary to avoid getting entangled in new banking regulation. In a filing with the Securities and Exchange Commission on Wednesday, it said it sold its T. Rowe Price Savings Bank last week to private investor Jacob M. Safra, who plans to move it to New York from Baltimore and rename it M.Y. Safra Bank. The roughly $24 million cash deal is expected to close at year end. 

Company Quote

82.85
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21 Nov 2014