U.S. Fed approves merger between BB&T, SunTrust Banks

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FILE PHOTO: A BB&T bank is pictured in Alexandria, Virginia July 22, 2010. BB&T Corp. shares were lower after the bank came in with higher profit but fell short of earnings forecasts. REUTERS/Molly Riley

WASHINGTON (Reuters) – The U.S. Federal Reserve said on Tuesday it approved a merger between BB&T Corp (BBT.N) and SunTrust Banks Inc (STI.N), sealing the biggest tie-up of banks since the 2007-2009 global financial crisis.

Analysts have said such a tie-up has been made possible by regulatory easing under the administration of President Donald Trump, which has encouraged banking regulators to take a more relaxed approach to approving mergers, bank applications, and when enforcing post-crisis rules.

Reporting by Katanga Johnson; Editing by Chris Reese

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