Two U.S. regulators have approved the sale of a majority stake in TIAA’s banking arm to a consortium of private equity firms, a TIAA spokesperson said on Friday. The spokesperson said TIAA now expects the deal to be completed as early as this summer after the Federal Reserve and the Office of the Comptroller of the Currency (OCC) offered their clearance. TIAA had previously given itself the entirety of 2023 to win the approvals needed for deal completion.
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