BB&T to Buy SunTrust in Biggest Bank Merger in Decade

www.bloomberg.com

Something is in the water for financial institutions investment bankers these days. After a monster Fiserv-First Data merger, this week saw the largest bank merger since the financial crisis with BB&T agreed to buy SunTrust, turning the combined bank (which is going through a rebrand - thank you!) into the 6th largest in the country by assets. Like the FiserData merger, the apparent bet here is a combination will allow them to keep up with bigger rivals in the arms race for new technology.

The banks said the deal will allow more investment in technology while cutting more than 10 percent of combined total expenses through eliminating duplicate branches and digital systems. The company will create an “Innovation and Technology Center” in its new headquarters, and the statement on the deal used the words technology, digital and innovation more than a dozen times.

Sure. An Innovation and Technology Center, that's going to solve your problems.

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