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June 12 (Reuters) - United Community Banks UCB.N said on Friday it would sell its equipment finance business to funds managed by alternative investment firm Wafra for $1.9 billion.

The sale will reduce the risk profile of the Greenville, South Carolina-based bank's loan portfolio.

Shares of the bank rose 4% in premarket trading. They have risen roughly 10% so far this year.

The deal is expected to be completed in the third quarter of 2026. BofA Securities advised United on the transaction.