Zions Bancorporation acquires Basis Multifamily Finance's lending division to expand offerings
Zions Bancorporation has agreed to buy the agency lending division of Basis Multifamily Finance I. The deal will expand the bank's commercial real estate offerings, including access to key lending programmes. Shares in Zions climbed 2.2% in after-hours trading following the announcement.
The acquisition covers Basis' entire agency lending operation, along with its team and mortgage servicing rights. Zions will now participate in major programmes like Fannie Mae's DUS and Freddie Mac's Optigo schemes. Chairman and CEO Harris Simmons called the move a strategic step to better serve commercial real estate clients.
The deal remains subject to standard closing conditions and approvals from third parties, including Fannie Mae and Freddie Mac. Beyond the purchase, Zions and Basis have also formed a broader partnership. This collaboration aims to strengthen both firms' real estate financing and capital formation activities.
Once finalised, the acquisition will let Zions offer a wider range of lending products. The bank's stock price reacted positively, rising by 2.2% after markets closed. The transaction still requires regulatory and agency sign-offs before completion.
