Latest news with #FirstCitizens
Entrepreneur
09-06-2025
- Business
- Entrepreneur
First Citizens BancShares Expands in India with New GCC in Bengaluru
You're reading Entrepreneur India, an international franchise of Entrepreneur Media. First Citizens India, a subsidiary of Nasdaq-listed First Citizens BancShares, Inc., is expanding its presence in India with the opening of a new global capability centre (GCC) in Bengaluru—reinforcing India's role as a premier GCC hub for delivering enterprise-wide solutions. First Citizens Bank is one of the top 20 banks in the US, with more than USD 200 billion in assets and over 17,000 associates worldwide. First Citizens said its investment in the new facility recognizes India's role as a strategic destination for the bank. "It's GCC, First Citizens India, plays a pivotal role supporting the company's operations. With expanded capacity and a collaborative design, the new workplace supports core areas including Technology, Enterprise Operations, Finance, Cybersecurity, Risk Management, and Credit Administration. The expansion comes amid the bank's continued investment in digital transformation, operational resilience, and building talent to meet evolving client needs," the company said in a statement. "Our decision to expand our footprint in the established hub of Bengaluru allows us to strategically leverage the country's vast talent pool and directly support the long-term commitment to our enterprise vision," said Jeff Ward, Chief Strategy Officer, First Citizens Bank. This new facility offers its employees a digitally-enabled work environment that encourages cross-functional collaboration, continuous learning, and career development, the company said. Aimed at building financial security for its key stakeholders, the new Bengaluru office strengthens the bank's operational capabilities and underscores its commitment to supporting the ambitions of its clients, colleagues and communities. Satya Prakash Ranjan, Country Head & Head of Technology, First Citizens India, said, "As we continue to modernise and scale the bank's technology platforms, this facility and our local team give us the flexibility and environment needed to deliver enterprise-grade solutions across a variety of functions. We are hiring and welcome colleagues to help us deliver business solutions based on the bank's shared values of client-first service, a commitment to excellence, empathy, respect for differences, and forward-looking abilities." The worldwide banking, financial services, and insurance (BFSI) industry is expected to hit a market size of USD 25.7 trillion by the end of FY 2025-26, according to a report by GCC enabler Inductus. India's role in fueling this growth is also noted in the report, especially the way it has become a destination of choice for BFSI GCCs. The findings of the Inductus report indicate that Asia-Pacific will become the driving force behind BFSI sector growth globally. In this thriving region, India is a special case of success, with its forward-thinking fintech industry set to grow to a staggering USD 83.48 billion by 2025.
Entrepreneur
09-06-2025
- Business
- Entrepreneur
First Citizens India Expands Operations with New Bengaluru Facility
The GCC's mandate covers the delivery of enterprise-grade solutions across core functions critical to the bank's infrastructure and customer engagement strategies You're reading Entrepreneur India, an international franchise of Entrepreneur Media. First Citizens India, the Global Capability Centre (GCC) of U.S.-based First Citizens BancShares, Inc., has opened a new office in Bengaluru, signaling a deepened commitment to India as a strategic operations hub. The announcement was made through a press release issued by the company. The Bengaluru facility features a collaborative and digitally enabled environment designed to support cross-functional teams and foster innovation. The move comes amid the bank's broader push to enhance digital transformation and operational resilience in response to evolving client expectations and market demands. Jeff Ward, chief strategy officer at First Citizens Bank, who is currently in India to mark the inauguration of the new site, noted the importance of the region in the bank's broader vision. "Our decision to expand our footprint in the established hub of Bengaluru allows us to strategically leverage the country's vast talent pool and directly support the long-term commitment to our enterprise vision," he said. The expansion reflects the growing role of India in supporting First Citizens Bank's global operations, particularly in areas such as technology, cybersecurity, finance, risk management, and enterprise operations. First Citizens India has played an increasingly vital role in this transformation journey, integrating the bank's relationship-driven service model into a high-performance global operations framework. The GCC's mandate covers the delivery of enterprise-grade solutions across core functions critical to the bank's infrastructure and customer engagement strategies. Satya Prakash Ranjan, country head and head of technology at First Citizens India, emphasized the dual role of the new office as a center for delivery and talent development. "As we continue to modernise and scale the bank's technology platforms, this facility and our local team give us the flexibility and environment needed to deliver enterprise-grade solutions across a variety of functions," he said. "We are hiring and welcoming colleagues to help us deliver business solutions based on the bank's shared values."
Yahoo
29-05-2025
- Business
- Yahoo
DA Davidson Lowers Price Target on First Citizens BancShares, Keeps Neutral Rating
On May 29, DA Davidson lowered its price target for First Citizens BancShares, Inc. (NASDAQ:FCNCA) from $2,100 to $2,050 while keeping a Neutral rating. The change is due to expected declines in net interest income (NII) and net interest margin (NIM) despite strong loan and deposit growth. A business executive confidently presenting a financial research report to a boardroom. Kevin Fitzsimmons, an analyst at DA Davidson noted that First Citizens could see more balance sheet and fee growth if capital markets activity increases. They may benefit from high interest rates due to its asset sensitivity. However, lower expected earnings per share (EPS) signal challenges. The stock has dropped 1% compared to the KRX index since the last earnings report, down 6% year-to-date, but gained 39% in 2024. DA Davidson also adjusted expectations for the bank's share buyback program, now anticipating First Citizens will reach its CET1 capital ratio target (10.5%-11%) by Q1 2026, slightly later than previously expected. The Neutral rating signals caution due to potential rate cuts and economic uncertainties, which could limit further stock growth. First Citizens BancShares, Inc. is the parent company of First-Citizens Bank & Trust, offering banking services in the U.S. and internationally. It provides individuals, businesses, and professionals with checking, savings, and loan options. The bank offers loans for construction, businesses, mortgages, and personal needs, along with wealth management services, including investment advice, trust management, and insurance. It also provides leasing and financing solutions for railcars and locomotives. Customers can access services online, via mobile apps, or at branch locations. While we acknowledge the potential of First Citizens BancShares, Inc. (NASDAQ:FCNCA) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than FCNCA and that has 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None.
Yahoo
07-03-2025
- Business
- Yahoo
Silicon Valley Bank's former parent sues to reclaim tarnished brand
By Jonathan Stempel (Reuters) - The North Carolina lender that bought much of Silicon Valley Bank following its March 2023 seizure was sued for trademark infringement on Wednesday by the collapsed bank's former parent. SVB Financial Trust said First Citizens BancShares never acquired or got permission to use the Silicon Valley Bank name, chevron logo, domain name and "Make Next Happen Now" slogan when it bought many of the bank's assets at a discount, in a transaction arranged by the Federal Deposit Insurance Corp. The lawsuit in San Francisco federal court seeks to reclaim SVB's marks, and obtain damages and royalties to distribute to creditors. SVB emerged from Chapter 11 bankruptcy in November. In a statement, Raleigh, North Carolina-based First Citizens said it acquired the SVB brand assets, including the trademarks and domain name, from the FDIC in March 2023, and will defend its ownership in court. SVB is also suing the FDIC to recover $1.93 billion of deposits it claims the agency seized illegally. Silicon Valley Bank failed in the wake of a bank run spurred by worries about capital levels, after rising interest rates caused big losses in its bond and mortgage portfolio. Its $209 billion of assets made the collapse one of the largest in U.S. banking history, and disrupted many technology startups. In its complaint, SVB noted that acquirers of failed banks often stop using failed banks' names because consumers view those names negatively. It cited JPMorgan Chase's retiring the First Republic Bank name after that bank, which also catered to Silicon Valley, was seized less than two months after Silicon Valley Bank. JPMorgan also jettisoned the Washington Mutual name after buying much of that savings and loan, which had $307 billion of assets when it failed in 2008. SVB said First Citizens may have felt differently because it had little presence in California and no experience running a business like Silicon Valley Bank. To avoid having to expand organically or market its unfamiliar name, First Citizens "chose to tap into Silicon Valley Bank's historic position as the industry leader for banking services in the innovation economy," the complaint said. First Citizens' share price has more than tripled since the Silicon Valley Bank takeover. The case is SVB Financial Trust v First Citizens Bank & Trust Co, U.S. District Court, Northern District of California, No. 25-02267. Sign in to access your portfolio
Reuters
05-03-2025
- Business
- Reuters
Silicon Valley Bank's former parent sues to reclaim tarnished brand
March 5 (Reuters) - The North Carolina lender that bought much of Silicon Valley Bank following its March 2023 seizure was sued for trademark infringement on Wednesday by the collapsed bank's former parent. SVB Financial Trust said First Citizens BancShares (FCNCA.O), opens new tab never acquired or got permission to use the Silicon Valley Bank name, chevron logo, domain name and "Make Next Happen Now" slogan when it bought many of the bank's assets at a discount, in a transaction arranged by the Federal Deposit Insurance Corp. The lawsuit in San Francisco federal court seeks to reclaim SVB's marks, and obtain damages and royalties to distribute to creditors. SVB emerged from Chapter 11 bankruptcy in November. In a statement, Raleigh, North Carolina-based First Citizens said it acquired the SVB brand assets, including the trademarks and domain name, from the FDIC in March 2023, and will defend its ownership in court. SVB is also suing the FDIC to recover $1.93 billion of deposits it claims the agency seized illegally. Silicon Valley Bank failed in the wake of a bank run spurred by worries about capital levels, after rising interest rates caused big losses in its bond and mortgage portfolio. Its $209 billion of assets made the collapse one of the largest in U.S. banking history, and disrupted many technology startups. In its complaint, SVB noted that acquirers of failed banks often stop using failed banks' names because consumers view those names negatively. It cited JPMorgan Chase's (JPM.N), opens new tab retiring the First Republic Bank name after that bank, which also catered to Silicon Valley, was seized less than two months after Silicon Valley Bank. JPMorgan also jettisoned the Washington Mutual name after buying much of that savings and loan, which had $307 billion of assets when it failed in 2008. SVB said First Citizens may have felt differently because it had little presence in California and no experience running a business like Silicon Valley Bank. To avoid having to expand organically or market its unfamiliar name, First Citizens "chose to tap into Silicon Valley Bank's historic position as the industry leader for banking services in the innovation economy," the complaint said. First Citizens' share price has more than tripled since the Silicon Valley Bank takeover. The case is SVB Financial Trust v First Citizens Bank & Trust Co, U.S. District Court, Northern District of California, No. 25-02267.
