CHARLOTTE, N.C. First Union Corp. announced it has combined its global cash management and deposit operations under a single manager and that it has named executive vice president Kathy Ridge to oversee the new division.
The combined group, called general bank products and services, incorporates the banks global cash management, deposit products and services, and consumer credit products sales and support divisions. Ms. Ridge will replace Nina Archer, who is retiring as head of the banks global cash management division.
Over the past year, Kathy has been the driving force behind developing strategies to grow First Unions core deposits, including re-engineering our deposit products to make them more competitive, said Ben Jenkins, First Union vice chairman and head of the general bank.
Now that we have combined the depth of our cash management product offering with our deposit efforts, we are competitively positioned to better meet the growing financial requirements of our commercial customers, Mr. Jenkins said.