Axos Bank Expands Commercial Presence In NYC, LA

U.S. map marking NYC, LA

Axos Bank parent company Axos Financial has rolled out out commercial banking operations across new markets in the U.S., it said.

The bank announced Thursday (Aug. 15) that it will launch regional commercial banking operations in New York and Los Angeles in an effort to grow its corporate client base and connect existing business customers in the markets with its senior banking professionals.

“The nation’s two largest metropolitan areas are home to a majority of our commercial lending and banking clients,” said Greg Garrabrants, president and CEO of Axos, in a statement. “With our new locations in the heart of New York and Los Angeles, we’re offering these clients significant value: the expertise of in-market senior bankers, underpinned by highly competitive products and strong digital technology.

“We already have an employee presence in these markets with talented securities, lending and treasury management professionals, and these offices will allow us to better access talent in these geographies,” he added.

The new commercial banking operations launches are part of Axos Financial’s broader efforts to expand its services for corporate clients with a holistic suite of services that includes lending, deposit and treasury management. The bank is targeting the middle-market and niche clientele, it noted.

Axos Bank is also focusing on the small and medium-sized business (SMB) market. Earlier this year Garrabrants spoke with PYMNTS about some of the biggest opportunities in that space, noting that “small businesses pay higher fees, and there is less competition in small business banking — and more profitability, right now, than there is in consumer banking.”

Last month Axos announced a partnership with Europe’s digital-only bank N26 in a deal that will allow N26 to launch operations in the U.S. and offer clients FDIC-insured accounts. It was the latest example of the bank-FinTech collaboration trend expanding across borders to help FinTechs enter new geographic markets and comply with local regulations.