Fifth Third Bancorp Establishes Technology, Media & Telecommunications Vertical

Fifth Third Bancorp FITB disclosed the establishment of a dedicated group to serve the financial services requirements of the technology, media and telecommunications industry. According to the company, the team is led jointly by Pete Foley and Kevin Khanna, as both of them have wider expertise, as well as knowledge in the industry.

Fifth Third Bancorp said the Technology, Media and Telecommunications (TMT) vertical was one of several such groups housed in its Commercial Banking practice. The company indicated that it would offer dedicated resources in client coverage, credit, treasury management and capital markets to support mid- and large- corporate customer requirements in the United States.

Its EVP and Head of corporate banking, Kevin Lavender, said, "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. We are committed to demonstrating a deep understanding of our clients' needs to help them reach their business goals."

The company said it has consolidated commitments of $6.2 billion and that it has already made considerable investments in the TMT industry. The two new executives would fine tune its tactics for long-term growth opportunities.