Several megabanks dominate the market, but First Choice is seeking to expand there by catering to its ready supply of midsize businesses. It's not the only one.
Neptune Financial, an online business lender, will help the global bank reach commercial customers it was missing before and could ultimately be a $1.5 trillion opportunity, an HSBC executive says.
PNC revealed the plan as part of its report of strong second-quarter results, and CEO Bill Demchak said it is an example of the regional bank's growth-oriented investments.
The New York company named two new members to its executive committee as it splits oversight of business capital and consumer banking into separate jobs.
Commercial customers, including small businesses, seem ready to pay up to shift to faster, more sophisticated electronic invoicing and payments, and enterprising banks that provide them the technology to do so could find it lucrative.
The Rhode Island bank plans to build out its fee income capabilities, expand C&I lending in the Southeast, renegotiate vendor contracts and take other steps to produce expense cuts and revenue enhancements of at least $90 million.
Citizens Financial is going out of market to find midsize business in need of credit or advisory services in uncertain times. It is a good example of the resiliency that regional banks are showing amid softer loan demand, Washington gridlock and still-low interest rates.
