Truist Financial Corp - Company Profile
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Business Description
Truist Financial Corp (Truist Financial) is a provider of banking products, insurance and wealth management services, and related financial solutions through its banking and non-banking subsidiaries. It caters to individuals, commercial businesses, SMEs, local governments, and public agencies. As of December 31, 2023, it reported total assets of US$535,349 million, total deposits of US$395,865 million, and net loans of US$307,263 million.
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Business Segments
- Consumer Banking and Wealth
- Corporate and Commercial Banking
- Insurance Holdings
- Other, Treasury & Corporate
Overview
Consists of five primary business lines: Retail Community Banking, National Consumer Finance & Payments (NCF&P), Wealth, Mortgage Banking and Dealer Retail Services Retail Community Banking caters to individuals and small business clients. Offerings comprise deposits and payments, loans and various fee-based services. Operates through a distributed network of traditional and in-store branches, ATMs, digital banking centers and through client care call centers NCF&P offers technology-based lending solutions to individuals and small businesses. Also provides merchant services and payment processing solutions to business clients. Operates through multiple national channels such as LightStream, Truist Equipment Capital, Sheffield, and other FinTech partnerships Wealth provides a diverse array of wealth management products and related professional services to individuals and institutional clients. Offerings comprise loans, brokerage, deposits, professional investment advisory and trust services. Institutional Investment Solutions business serves the institutional clients, whereas, GenSpring Family Office Advisory Services LLC caters to high net worth individuals and families, and offers them family office solutions, which include consolidated reporting, expense management, family meeting facilitation, specialty asset management and other related wealth management services. Mortgage Banking offers mortgage products to correspondents and retail clients via the internet and telephone. Also consists of Mortgage Warehouse Lending, which offers short-term lending solutions to finance first-lien residential mortgage LHFS. Dealer Retail Services provides loans to individuals for the purchase of automobiles, such as boats and other recreational vehicles. Has been consolidating branch offices as a part of its branch program strategy. Intends to invest in the growth of wealth management business.
Performance
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Overview
Comprises four primary businesses and the treasury solutions product group. Corporate and Investment Banking offers a range of services, which include strategic advisory, risk management, financing, capital raising, liquidity and investment solutions among others. Investment Banking caters to specific sectors such as consumer and healthcare, technology, energy, media and communications, financial services and industrials. Corporate Banking serves clients across multiple sectors on the basis of factors such as size, frequency of capital markets issuance and complexity. Commercial Community Banking offers an array of traditional banking products, which consists of cash management, lending and investment banking solutions to customers, whose annual turnover lie in the range of US$5 million to US$250 million. Clientele comprises government entities, not-for-profit organizations, auto dealers, and healthcare and aging services Commercial Real Estate offers a diversified range of credit and deposit services to operators, developers and investors of commercial real estate properties, through its National Banking division. Also offers customized financing and equity investment solutions aimed towards community development and affordable housing projects. Intends to maintain its relationships with publicly-traded and privately owned REITs through Real Estate Corporate and Investment Banking Grandbridge Real Estate Capital LLC, which is a fully integrated commercial mortgage investment banking company, that offers commercial and multi-family real estate loans, real estate brokerage services, asset and portfolio management among others. Offerings also include valuation and advisory services, loan administration, and special servicing, to third-party clients Treasury Solutions operates all kinds of electronic and paper payments, which includes cash, check, card, wire transfer, and ACH. Also helps the clients in maintaining their accounts electronically from anywhere they are.
Performance
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Overview
Serves businesses and individuals. Offerings comprise property and casualty, employee benefits and life insurance. Also caters to small businesses and corporate services, and offers them workers compensation, professional liability, surety coverage, and title insurance among others. Includes Prime Rate Premium Finance Corp, which consists of AFCO Credit Corp and CAFO Holding Company, that provides funding to businesses based in the US and Canada.
Performance
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Overview
Consists of the company’s investment securities portfolio, long-term debt, derivative instruments intended for balance sheet hedging, short-term liquidity and funding activities, balance sheet risk management and most of its real estate assets. Also includes activities pertaining to marketing, enterprise risk, legal, finance, enterprise technology and executive leadership.
Performance
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