NEW YORK, May 5, 2014 -- On May 1, 2014, Sallie Mae (Nasdaq: SLM), formally SLM Corporation, announced the closing of its previously announced strategic separation of its loan management, servicing and asset recovery business, known as Navient, from its consumer banking business. Effective May 1, Navient (Nasdaq: NAVI) began trading on the NASDAQ under the symbol “NAVI”. Navient will join the S&P 500 Index. Navient is operating as an independent company, in which Sallie Mae will retain no ownership interest. Navient will service nearly $300 billion in student loans, providing customer support to assist 12 million customers. Sallie Mae Bank’s consumer banking business is continuing under the Sallie Mae brand and maintains a strong capital position and funding capabilities, managing a portfolio of approximately $6.5 billion high-quality, private education loans. At the time of the spin-off, Navient had a market capitalization of $7.1 billion.
Baker Botts L.L.P. served as legal advisor for the transaction.
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