TIAA (formally TIAA-CREF) is reportedly in exclusive talks to buy MyVest for about $2.5bn, as the 98-year old financial-services company looks to bolster its internet banking offering. The deal, which highlights the asset manager's desire to diversify its operations, dovetails with TIAA Direct, a retail-focused internet bank it launched four years ago, and EverBank Financial, the digital wealth management platform it acquired in June.
TIAA (formally TIAA-CREF) is reportedly in exclusive talks to buy EverBank Financial for about $2.5bn, as the 98-year old financial-services company looks to bolster its internet banking offering. The deal, which highlights the asset manager's desire to diversify its operations, dovetails with TIAA Direct, a retail-focused internet bank it launched four years ago, and MyVest, the digital wealth management platform it acquired in June.