Executives at the embattled bank made clear Thursday that they are not discarding its long-standing strategy of selling additional products to existing customers.
Ignacio Alvarez, who takes over this summer from Richard Carrion, addresses the tough challenges the bank faces as looming cuts to government services and benefits could be painful for consumers and businesses on the Caribbean island.
Even as units of a larger holding company, local banks fight the perception that they can’t provide sophisticated services like corporate or private banking. Executives say that unifying the brand will help Synovus better compete against larger players.
Money laundering in Latin America is said to be worsening and a corruption probe in Brazil adds to the worries, but Latin American banks are fighting hard to preserve business with U.S. banks.
Unable to outspend big banks on technology, Asian-American banks are marketing to different ethnic groups and immigrants, sponsoring events for youth and young professionals and emphasizing in-person service.
City National Capital Finance is a nationwide platform with a focus on large and midsize clients. The unit has offices in Florida, Texas, Maryland, North Carolina, Virginia and New York.
