Subsequent Event

6 Months Ended

Jun. 30, 2017

Subsequent Event

Subsequent Event

23. Subsequent Event

On August 7, 2017, Fifth Third Bancorp and Fifth Third Bank entered into a transaction agreement with Vantiv, Inc. and Vantiv Holding, LLC under which Fifth Third Bank has agreed to exercise its right to exchange 19,790,000 of its Class B Units in Vantiv Holding, LLC for 19,790,000 shares of Vantiv, Inc.’s Class A Common Stock and Vantiv, Inc. has agreed to repurchase the newly issued shares of Class A Common Stock upon issue directly from Fifth Third Bank at a price of $64.04 per share, the closing share price of the Class A Common Stock on the New York Stock Exchange on August 4, 2017. The share repurchase is conditioned on Vantiv, Inc. publishing a firm offer to acquire Worldpay Group plc. and is subject to termination, if among other things, the firm offer is not made by August 31, 2017.

During the third quarter of 2017, the Bancorp expects to recognize a pre-tax gain of approximately $1.0 billion related to these transactions. Following the share repurchase, the Bancorp is expected to beneficially own approximately 8.6% of Vantiv Holding, LLC’s equity through its ownership of approximately 15.3 million Class B Units of Vantiv Holding, LLC.