2023-03-29 09:25:28 ET
Regions Bank ( NYSE: RF ) has created an International Subsidiaries Banking Group focused on providing banking services to subsidiaries of international corporations operating in the U.S., it said Wednesday.
Laerte Barros, who joined Regions ( RF ) in 2022 from BBVA ( BBVA ), will lead a group of international banking specialists who will work with the bank's Commercial and Corporate Banking relationship managers to support business origination and development for U.S. subsidiaries.
Members of the team have experience in business and finance across Asia, Europe, Latin America, and Oceania, the company said. Marcus Kim joined the company after a 17-year career in Asia at Korea Exchange Bank and China Construction Bank. In addition, Christian Louis, who had worked at BBVA USA, has experience working with corporate banking clients in Korea, Bahrain, New Zealand, the Czech Republic, Uruguay, and the Dominican Republic.
The U.S. is one of the largest recipients of foreign direct investments in the world, according to the International Monetary Fund's coordinated direct investment survey. A significant portion of FDA in the U.S. is in areas where Regions ( RF ) has already been serving business clients, it said.
Earlier this year, Jefferies downgraded Regions Financial ( RF ) to Hold from Buy in broader industry rebalance as bank stocks faced "another year of uncertainty."
See why SA contributor The Value Investor says RF "looks quite alright from a deposit base point of view " amid the recent bank turmoil.
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Regions Financial forms unit to focus on international companies in U.S.