Fifth Third Bank is set to offer its commercial bank clients private credit arrangements. The new program, announced Tuesday (July 29), is happening in collaboration with asset manager Eldridge and designed to provide “reliable” private credit solutions to clients. “This marks a significant moment in providing a private credit solution...
Pinnacle Financial Partners and Synovus Financial plan to combine and create a regional bank focused on the fastest-growing markets in the Southeast. The companies plan to combine in an all-stock transaction valued at $8.6 billion, they said in a Thursday (July 24) press release. They...
Cloud-based payments firm Alacriti has launched a partnership with Citizens Business Bank. The collaboration lets Citizens (CBB) offer instant payments capabilities via the Orbipay Payments Hub, letting customers get payments in seconds over both the RTP network and the Federal Reserve’s FedNow Service, according to a Wednesday (July 23)...
The acquisition of Discover Financial is in the rearview mirror, having been completed in May. For Capital One, the focus is on building scale with the combined entities and on building out a national banking brand. Tuesday (July 22), the company posted second quarter results...
Perhaps one of the 21st century’s most defining business trends has been the trickledown effect of enterprise capabilities as technological innovations simplify back-office operations. Powerful financial tools, once only accessible to large corporations, are now being embedded in the tech stacks of small- to medium-sized...
The Bank of England reportedly asked some banks to assess their dependence on U.S. dollars and test whether they could handle a U.S. dollar shock. This move came after European Central Bank supervisors made a similar request of lenders in that central bank’s region, Reuters...
Watch more: Making Digital Resilience a Banking Priority Almost every banking interaction is digital at some point, relying on APIs and cloud services. As a result, the concept of digital resilience has expanded. No longer solely about ensuring infrastructure uptime, resilience in modern finance now...
Healthy consumer spending helped buoy Bank of America’s revenues in the second quarter. The banking giant reported quarterly earnings Wednesday (July 16) showing a consumer banking revenue of $10.8 billion, a 6% increase. “Consumers remained resilient, with healthy spending and asset quality, and commercial borrower...
PNC Financial Services Group generated its highest level of new commercial loan production in 10 quarters during the second quarter, PNC Chairman and CEO William S. Demchak said Wednesday (July 16) during the bank’s quarterly earnings call. The bank’s 4% growth in commercial and industrial (C&I) loans drove...