SunTrust sets up fintech advisory unit
02 February 2016 | 2126 views | 0
SunTrust Banks, Inc. (NYSE: STI) has launched a new Payments & Technology Industry Specialty in Commercial and Business Banking.
This creates a unique opportunity to drive an industry focus on companies developing financial technology and digital payments products. Eric Brewer, current head of Treasury and Payment Solutions at SunTrust, will move to Commercial Banking to lead this new specialty.
“In banking today, you’re either a disruptor or you’re being disrupted. Consumers and businesses alike are leveraging the power of FinTech, and SunTrust aims to be a strategic advisor to clients pioneering and investing in payments and technology,” said Beau Cummins, Commercial and Business Banking executive at SunTrust.
With more than 25 years of treasury-related experience, Brewer will provide specialized payments expertise by acting as an advisor to Commercial Banking relationship managers. These bankers will leverage his experience to develop both short-term and long-term strategic solutions for their clients. He will also bring the unique knowledge of SunTrust Robinson Humphrey’s Technology, Media & Telecom Investment Banking Industry Practice to deliver industry insight to a broad range of SunTrust clients.
“This is a time unlike any other for the payments and lending industry. Startups and established leaders will need strategic financial advisors to meet their growth goals and plan for the unexpected - like regulatory and global challenges,” said Brewer.
This newest industry specialty builds on the investment SunTrust has made in recent years in developing strong industry expertise in targeted sectors. SunTrust Commercial Banking currently has specialties in: Aging Services, Healthcare, Not-for-Profit & Government, Education, Restaurants/Retail, Food Products/Agribusiness, and Ports & Logistics. Each specialty is led by an experienced banking professional with deep industry expertise.
With this transition, Michael Maza has become the new head of Treasury and Payment Solutions, reporting to Mark Chancy, Wholesale Banking executive. Maza has been with SunTrust since 2005, most recently as head of Strategy and Business Services in Treasury and Payment Solutions.