CINCINNATI--(BUSINESS WIRE)--Fifth Third Bancorp (NASDAQ: FITB) has announced the formation of a dedicated group to serve the financial services needs of the technology, media and telecommunications industry. The team is led jointly by Pete Foley and Kevin Khanna, both of whom bring extensive expertise and knowledge in the industry.
“The creation of this vertical business unit allows Fifth Third to dedicate a team of resources to provide customized solutions to one of the fastest growing industry sectors in the United States,” said Kevin P. Lavender, executive vice president and head of corporate banking for Fifth Third Bancorp. “We are committed to demonstrating a deep understanding of our clients’ needs to help them reach their business goals.”
The Technology, Media and Telecommunications (TMT) vertical is one of several such groups housed in Fifth Third’s Commercial Banking practice. It will provide dedicated resources in client coverage, credit, treasury management and capital markets to support mid- and large- corporate customer needs across the U.S. footprint.
“With a consolidated $6.2 billion in commitments, Fifth Third has already made significant investments across the TMT industry,” said Lavender. “Pete and Kevin will refine our strategy and focus our efforts on areas that offer opportunities for long-term growth.”
Foley has more than 25 years of experience in financing and investing in the TMT sectors. He is a graduate of Boston College. Khanna brings more than 15 years of dedicated TMT industry investment banking and financing expertise. Khanna received his bachelor’s degree from the University of Rochester and earned a master’s degree from Columbia Business School.
For more information, visit www.53.com/powering.
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $142 billion in assets and operates 1,241 full-service Banking Centers, including 95 Bank Mart® locations, most open seven days a week, inside select grocery stores and over 2,500 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2016, had $303 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Member FDIC.