Last month, the regional banks SunTrust and BB&T announced the largest bank merger since the 2008 financial crisis, one that would create the sixth-largest bank in the U.S.
At the time of the announcement, some commentators interpreted the deal as the latest in a long tradition of regional players consolidating to gain scale and reach. But there was a larger factor driving the union. With SunTrust and BB&T, we witnessed an early example of M&A driven by the opportunity to pool investment in digital capabilities and services. As consumers demand digital banking services, SunTrust and BB&T set a model that many other regional banks will follow.
Up until a few ye…
Banking Industry News