NEW YORK (S&P Global Ratings) Nov. 3, 2022--S&P Global Ratings today said that Teachers Insurance&Annuity Assn. of America (TIAA)'s plan to sell its banking operations to refocus its strategy on its retirement business and Nuveen, its asset manager, does not affect our view of its excellent competitive position or capitalization levels. TIAA has announced that it has entered into a definitive agreement to sell TIAA Bank. We expect the transaction to close in 2023, subject to customary closing conditions, including regulatory approval. We view this asset as relatively modest in size, at roughly 1.2% of TIAA's general account assets and about 6.7% of TIAA's total adjusted capital. As such, we expect its capital to remain redundant at the
