Synovus recruits the head of its new corporate and investment banking unit

0

Synovus Financial has hired a former Regions executive to lead the Georgian bank’s foray into corporate and investment banking.

Tom Dierdorff was most recently Managing Director and Group Head of Financial Services for Regions Financial, based in Birmingham, Alabama. Prior to that, he helped grow the investment banking and corporate finance effort at SunTrust Robinson Humphrey.

Synovus, which has $55.5 billion in assets, announced in October that it would expand into the profitable, but competitive, market for large commercial customers.

Synovus Financial plans to offer banking and capital markets products to larger and more complex businesses than before.

Dierdorff will bring growth opportunities by expanding Synovus’ corporate and investment banking businesses, CEO Kevin Blair said in a press release Monday.

During the company’s third-quarter earnings call in October, Blair announced that he would build the new unit in an effort to continue the “high-end” business.

The business will offer banking and capital markets products to larger and more complex businesses, including those backed by private equity firms, which Synovus has served in the past.

Synovus plans to target specific industries, rather than cast a wide net for corporate clients. In October, Blair said the Columbus, Georgia-based company had the ability to issue loans of more than $100 million and sell elements of those debt deals to outside investors.

Synovus said Monday it would continue to add employees to the new effort.

“We want to make sure that as we build this, we’re not going to build a generalized model,” Blair said on the October call. “We will be looking for industry specialty in corporate and investment banking, and that will be based on what is available in the market from a talent perspective.”

Share.

About Author

Comments are closed.