Warburg Pincus trims stake in Webster

Private Equity Warburg Pincus and Waterbury-based Webster Financial said Thursday Warburg was reducing its stake in Webster.
Warburg is selling 10 million shares in Webster. The private equity acquired a major stake in Webster in 2009 when the bank was raising capital and fortifying its balance sheet.
Webster CEO Jim Smith characterized this as a profit taking move and said Warburg continues to be a major investor in the bank and remains confident in the bank.
Webster also authorized a share buy back program.

Rob Varnon