American financial holding company BB & T Corp. agreed to buy US bank SunTrust Banks Inc., Bloomberg reports, citing a joint statement by both companies.

The amount of the transaction, according to agency estimates, will be $ 28 billion.

It will be the largest bank merger in the world over the past decade.

The report says that BB & T shareholders will own 57% of the combined company. SunTrust shareholders will receive 1,295 BB & T shares in exchange for each SunTrust share they own.

“The merger provides the scale necessary for competition and victory in the rapidly developing world of financial services,” said BB & T CEO Kelly King, who will retain her position in the new company.

Under the terms of the deal, after the merger, a new bank with a new name and a new headquarters will be formed. This will be the sixth largest commercial bank in the United States in terms of assets, replacing PNC Financial Services Group Inc. from this line.

The merged bank, whose name will be announced later, will have almost 60,000 employees and about $ 440 billion in assets.

SunTrust shares rose 11% after the announcement of the merger, and BB & T shares - by 5.1%.

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