BB&T and SunTrust Merge to Form 6th Biggest Bank in the U.S.08th February 2019
U.S. regional bank BB&T recently announced that it will buy rival SunTrust Banks for $28 billion in stock.
The $66 billion deal, being called a ‘merger of equals’ by the two companies, is expected to close Q4 2019 and would result in the sixth largest U.S. bank based on assets and deposits.
There have been calls for consolidation between regional banks and we do expect to see a transformation in the banking industry overall in the upcoming years, with the potential BB&T/SunTrust merger just the start. Changes in consumer behaviour and disrupters to the market have required banks to change their footprint (with record number of branch closures) and investment heavily in innovation, technology and digital offerings.Jenna Birch | Product Manager
Merchants should ensure that they are in regular discussions with their banking partners to keep updated on how changes can impact their business and to make sure they are using all available tools to help with their cash management.