Truist sells $6B auto loans to Apollo under CEO Mike Lyons

Apollo: Apollo Global Management Inc. is a leading global alternative asset manager focused on credit, private equity, real assets, and other alternative investments for institutional and other clients. It frequently acquires loan portfolios and other assets from financial institutions to deploy capital and generate returns. In this news, Apollo is purchasing Truist's near-prime auto loan portfolio in a transaction that supports the bank's exit from that business line. Truist: Truist Financial Corporation is a major U.S. regional bank headquartered in Charlotte, North Carolina, offering banking, lending, and financial services to consumers and businesses primarily in the Southeast. It has been streamlining its operations by exiting certain consumer lending segments as part of a broader strategic review. In this news, Truist is selling its near-prime auto loan portfolio to refocus its business mix under new leadership. Mike Lyons: Michael P. Lyons is the President and Chief Executive Officer of Truist Financial, having taken the role effective September 1, 2026, succeeding Bill Rogers. He previously served as CEO of Fiserv and held senior leadership positions at PNC Financial Services Group. In this news, the auto loan sale is highlighted as one of his early initiatives to improve Truist's business mix and strategic focus. Leadership Focus: Under new CEO Mike Lyons, Truist is emphasizing operational improvements and capital efficiency through targeted divestitures of non-core assets. Strategic Review: Truist is pursuing a broader strategic review that includes prior exits from marine and recreational vehicle lending and reductions in other consumer lending originations to enhance long-term profitability and efficiency.