SunTrust Robinson Humphrey is expanding its middle market business by establishing new corporate banking offices in Chicago, Dallas, and San Francisco, the company announced this week. The move marks an initiative to enhance the investment bank’s presence into new regions and increase market share.
According to Mark Chancy, head of wholesale banking at SunTrust, this is not a lending-only strategy as the bank is in position to support companies with a full suite of banking services as they grow through their lifecycle. The new teams will target relationships with companies that have revenue ranging from $100 million to $5 billion with the ability to provide services ranging from traditional banking to investment banking and M&A advisory as needed.
Indeed, corporate and investment banking services offered will include debt and equity capital markets, treasury and payment solutions, financial risk management, foreign exchange, employee benefits solutions, and liquidity and investment products, according to the company.
While these operations will service clients across multiple sectors there will be some concentration in areas of strength given the location, such as energy in Texas and the southwest, technology on the West Coast, and the manufacturing and industrial groups in the Midwest. SunTrust’s existing presence in these regions include asset-based lending and equipment finance leasing teams in Texas and Chicago and capital markets and wealth management in California.
The bank will begin adding personnel to the new offices over the next 12-18 months and expects each office to have a staff of around 10-20. Team heads are already in place. The Dallas-based team is led by Clint Bryant, the former Southwest mid-corporate market manager at Fifth Third Bank, who is joined by Julia Harman, formerly of Fifth Third, and Don Besch, a SunTrust veteran. Ted Heldring will head up the midwest team and joins from J.P. Morgan where he was served as the head of debt capital markets for its Chicago office. Jim Deichen will take the reins of the San Francisco-based operation, having moved over from Bank of America as west coast head of technology corporate banking.
As Atlanta, Geo.-based SunTrust honed its initial expansion plan it focused on growth areas with a good number of mid-sized companies. The bank will look at other opportunities in 2014 and could add as many as six to eight additional offices over the next two years, Chancy says. – Jon Hemingway