TIAA Agrees to Sell Its Bank

TIAA has agreed to sell a majority of its banking operation to a group of financial services-focused private equity firms, so it can focus on retirement and asset management services.

TIAA Bank will be sold to Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street Partners and Bayview Asset Management, according to a statement Thursday. TIAA will retain a non-controlling interest in Jacksonville, Florida-based TIAA Bank and will also hold onto to its trust business.

“As we refocus on retirement, we have decided now is the appropriate time for TIAA Bank to begin a new chapter under new ownership,” David Nason, TIAA’s chief operating officer, said in a statement.