RESTON, Va. - (09/20/04) -- Student loan giant SLM Corp., betterknown as Sallie Mae, said Friday it has agreed to acquire amajority stake in Arrow Financial Services LLC. The Niles,Ill.-based company purchases charged-off debt, conduct collectionsand offers third-party receivables services to consumer creditcompanies. The company employs 1,400 people at five facilitiesnationwide and will retain its current management. Terms of thedeal were not disclosed. Under the agreement, SLM has an option toacquire the rest of Arrow Financial over the next threeyears.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28