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With Dodd-Frank regulations coming into play, banking is seeing a massive change. BB&T Corporation (NYSE: BBT) CEO, Kelly King, was on CNBC Tuesday to discuss how new banking regulations impact regional banks and the company’s plans for expansion.
New Regulatory Compliances A Barrier For Growth
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“We are in a new world of banking,” King said. “I mean, post Dodd-Frank it really is dramatically different. In terms of the infrastructure cost that are involved in complying with the new regulatory requirements. [You] should remember Dodd-Frank requires 393 new rules, they have only rolled out 300 and it’s already massive.”
“But so it requires huge amount of investments in backroom infrastructure - products, processes, systems and therefore scale becomes much more important today than it ever has in our business.”
He continued, “So, you can grow organically, but this is a relatively slow economy and so what we are trying to do is put together a combination strategy of good solid organic growth and then really good acquisition growth to build the scale we need and continue to expand our franchise on a good strategic basis.”
Building Up Scale
King was asked for his outlook on regional banks at this point of time. He replied, “It’s very good, if you build the scale and everybody has their own size number [as what’s okay]. With our recent acquisition announced we will be about $210 billion. So, we are the 10th largest U.S. bank, we think that will be pretty large.
But we are up against banks that are $400 billion and $1 trillion, $2 trillion and so we need more scale, but only if it makes us better,” King concluded.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.