US bank Fifth Third to buy regional lender Comerica in $10.9 billion deal

(Reuters) -U.S. bank Fifth Third said on Monday it will buy regional lender Comerica in an all-stock deal valued at $10.9 billion.

The deal will create a lender with combined assets of about $288 billion, making it the ninth-largest U.S. bank.

A wave of consolidation is sweeping through the banking industry as lenders seek scale, diversify revenue streams and prepare for lighter regulation under the Trump administration.

Comerica shares jumped 12% before the bell on the news, while Fifth Third fell 2.6%.

(Reporting by Manya Saini in Bengaluru; Editing by Arun Koyyur)