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A group of U.S. banks has announced it is selling its biggest assets, including its commercial mortgage business, to private equity firm Silver Lake Partners.
The bank will also sell its remaining commercial mortgage-related business, including loans and leases.
The transaction, the banks announced on Tuesday, will give Silver Lake a stake in the U.K.’s mortgage lender Coutts.
The banks’ announcement comes as banks continue to grapple with a financial crisis that has left them in the grips of a debt-fueled recession.
The financial crisis has hit the U., U.N. and the U .
S. as a whole harder than the previous financial crisis did.
Many of the biggest banks have been struggling to get back on their feet.
At the same time, they have been cutting back on other aspects of their business, such as lending and selling commercial real estate.
“As the global economy has entered a new phase, it has become increasingly clear that a new era is coming for the financial industry,” the banks said in their statement.
“The Bank of America, Citigroup, Bank of Tokyo-Mitsubishi, Wells Fargo, Bank America, and JPMorgan Chase are committed to continuing to lead the way as we move forward, to invest in businesses that make a positive impact on our customers and communities, and to build stronger economies across the globe.”
The banks are planning to sell the assets to Silver Lake, a $4 billion private equity fund based in Los Angeles.
The deal is expected to close by the end of March.
The move comes as U.B.N.’s World Bank, the International Monetary Fund and others are urging the international lenders to diversify away from their commercial mortgage and commercial lending business.
Bank of England Governor Mark Carney recently said that “there is no reason to think we will not be in a position where we will have a significant role in the global finance system in the years ahead.”
Bank of New York Mellon Chairman Robert Diamond said on Wednesday that he is also recommending that the U.”s financial system should have a new focus, but not one focused on lending and the commercial real-estate business.”
JPMorgan Chase CEO Jamie Dimon, meanwhile, told the Wall Street Journal that the bank is planning to invest $100 billion in commercial realtors and other asset management companies in order to “expand and diversify” the banking industry.