Umpqua brings retail banking to Utah, CUSO teams with network for gift cards

October 27, 2023 2:56 PM

Umpqua Bank introduces retail banking in Utah, Kansas City CUSO partners with New York gift-card firm, Huntington Bank looks within for new chief DEI officer and more in the weekly banking news roundup.

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Umpqua Bank introduces retail banking in Utah

More than a year after entering Utah with a commercial banking team, Columbia Banking System in Tacoma, Washington, is introducing retail operations to the state through its subsidiary, Umpqua Bank. The first Umpqua retail branch has opened in South Jordan, Utah, and will serve the greater Salt Lake City metropolitan area, Umpqua said in a press release. The office will offer consumer, small-business, commercial and corporate and wealth management services. Columbia Bank, which now has $52 billion of assets, acquired Oregon-based Umpqua Bank in March, about 17 months after it announced the transaction. — Allissa Kline

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CUSO teams with credit union technology group for gift cards

Members Development Co, a credit union-owned tech firm based in Kansas City, Missouri, that focuses on industry research and development for its 83 members, has formed a partnership with Prizeout Partners, a New York City-based credit union service organization, according to a press release. The connection enables MDC members to directly integrate with Prizeout's platform to deliver local and national merchants' gift cards to credit union members via their online banking portals and mobile apps. Prizeout's gift cards offer an average bonus of $7.50 above their cash value, and users can redeem them online and in stores via a QR code or bar code, tracking their balance and cash-back rewards through the financial institution's portal. —Kate Fitzgerald

Huntington Bank looks within for new chief DEI officer

Huntington Bancshares promoted Donnell White to chief diversity, equity and inclusion officer, the Columbus, Ohio-based company announced in a press release. White, who most recently served as a regional DEI director at Huntington, will join the executive management team and oversee all DEI initiatives at the $187 billion-asset company. White has worked at Huntington since 2021 when the bank acquired his prior employer, TCF Financial in Detroit. He succeeds Donald Dennis, who was appointed chief DEI officer in the fall of 2021. Dennis has since moved into a community development director job at Huntington, according to Crain's Detroit Business. —Allissa Kline

WEX agrees to buy Payzer for $250 million

WEX, a Portland, Maine-based global payments provider, said in a Thursday press release it has agreed to acquire Payzer, a Charlotte, North Carolina-based software firm providing field-service management support to 150,000 home-repair firms, for $250 million. The deal enables WEX, which has 600,000 customers and supports fleet card and mobile payments for 19 million vehicles, to extend its payment services to Payzer's 150,000 small-business customers that include plumbers and other home-repair providers. The transaction, financed by cash and WEX's revolving-credit facility, is expected to close by the end of the year. —Kate Fitzgerald

Paytm founder launches $4M fund to bet on AI, EVs

Paytm founder Vijay Shekhar Sharma has launched a 300-million rupee ($3.6 million) fund, seeking to invest in India's fast-growing artificial intelligence and electric vehicle sectors.

The VSS Investments Fund is backed by VSS Investco Private Limited, an entity Sharma owns and controls, the billionaire fintech entrepreneur said in a statement Monday. The fund will be managed by a professional investment manager. Sharma, 45, is widely credited for pioneering fintech in India more than a decade ago when he launched payments company Paytm, which started off as a digital wallet but has since diversified into loans and mutual funds.

Previously, Sharma invested in several Indian startups including scooter maker Ola Electric, fitness band maker GOQii and Treebo Hotels. —Sankalp Phartiyal, Bloomberg News

Former Credit Suisse COO McDonagh to join Universal Investment

Francesca McDonagh, the former Credit Suisse chief operating officer who is leaving the Swiss lender in the wake of its emergency takeover, will join private equity backed fund services provider Universal Investment as CEO.

McDonagh will start at the Frankfurt-based company in January with a mandate to drive growth through deals and geographical expansion, Universal Investment said in a statement. She replaces interim CEO David Blumer, who will continue as chairman.

"With her strong growth and execution track record as well as her client focus, Francesca is the ideal person to lead the next phase of the group's growth and service evolution," said Blumer of McDonagh.

Credit Suisse announced McDonagh's departure in a memo last month, shortly after its emergency takeover by rival UBS Group. A former CEO of Bank of Ireland, she had originally been hired by Credit Suisse to oversee the Europe, Middle East and Africa region before being elevated to COO. — Jennifer Duggan, Bloomberg News