• Wintana Zerai

Global Marketplace

In financial news, BB&T has made a deal to buy Suntrust Banks for $28.2 billion. This will create the sixth-largest U.S. retail bank, and it is the largest big bank merger

since the financial crash in 2008. The merging of the two banks will allow them to serve more

than 10 million U.S. customers. A new name for the bank will be chosen and released before

the deal officially closes in the fourth quarter of 2019. BB&T CEO and Chairman, Kelly King, will

be CEO of the new company until 2021 while Suntrust CEO and Chairman, William Rogers Jr,

serves as COO. In 2021 he will replace King as the next CEO. The new bank will hold about

$442 billion in assets, $301 billion in loans, and $324 billion in deposits. Many people believe

that this representative of future developments in the financial industry. Often with big mergers, the

surplus of money and resources at their disposal allows banks to put more resources into

technological improvements such as apps. Though tough decisions such as how many branches will

close have not been decided, it is likely that they are many. The result of this undertaking will foreshadow how other multinational banks coordinate mergers in years to come.




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