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Synovus Financial Corp (NYSE: SNV) |
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Description of Synovus Financial's Business Segments
Synovus Financial Corp is a diversified financial services company that operates primarily in the southeastern United States. The company boasts a wide range of segments, products, and services that cater to the financial needs of both individuals and businesses. Below is an extensive description of its offerings:
Financial Services Subsidiaries
Banking Services
Synovus operates several banks that offer a comprehensive suite of commercial and retail banking services, including:
- Commercial Banking: This includes targeted services such as commercial real estate loans, agricultural loans, and financing for various business needs.
- Retail Banking: For individual customers, the banks provide:
- Deposit Accounts: Accepting demand deposit accounts (checking) and various types of savings accounts.
- Loans: Making individual, consumer, installment, and mortgage loans.
- Safe Deposit Boxes: Offering secure storage for valuables.
- Leasing Services: Providing equipment and vehicle leasing options.
- Automated Banking Services: Encompassing ATM access and online banking features.
- Credit Card Services: Issuing bank credit cards, including both MasterCard and Visa options.
Wholly Owned Subsidiaries
Synovus has a range of wholly owned subsidiaries that provide specialized services:
1. Synovus Securities, Inc.: Based in Columbus, Georgia, it focuses on portfolio management for fixed-income securities, execution of securities transactions, and individual investment advice on various financial instruments.
2. Synovus Trust Company, N.A.: This subsidiary offers trust services, including estate planning, asset management, and fiduciary services.
3. Synovus Mortgage Corp.: Located in Birmingham, Alabama, this entity provides mortgage products and services, facilitating home buying and refinancing processes.
4. Synovus Insurance Services: Based in Columbus, Georgia, it offers insurance agency services, covering a range of personal and commercial insurance solutions.
5. Creative Financial Group, LTD.: Situated in Atlanta, Georgia, the group provides comprehensive financial planning services, addressing retirement, investment strategies, and wealth management.
6. GLOBALT, Inc.: This Atlanta-based firm offers asset management services, serving both individual and institutional investors with tailored investment strategies.
Synovus Investment Advisors, Inc.: Based in Columbus, Georgia, the focus here is on providing investment advisory services to help clients make informed financial decisions.
Transaction Processing Affiliates
Total Systems Services, Inc. (TSYS): A key affiliate in Synovus's business model, TSYS is a leading provider of electronic payment processing services:
- Payment Processing Services: TSYS handles a wide array of transactions including credit card, debit card, commercial card, and retail card processing.
- Student Loan Processing: The company also offers specialized services for the management and processing of student loans.
International and Other Services
TSYS serves both financial and non-financial institutions around the world, including markets in Canada, Mexico, and parts of Europe. It runs operations for merchant services through various subsidiaries and joint ventures, enhancing their payment solutions.
Value-Added Services: In addition to core processing, TSYS provides risk management tools, fraud detection services, and customer retention programs, which include loyalty programs and bonus reward systems.
Wholly Owned Subsidiaries of TSYS
TSYS supports its operations through several subsidiaries that provide various additional services, such as:
1. Columbus Depot Equipment Company: Leasing and selling computer-related hardware associated with transaction processing.
2. Columbus Productions, Inc.: Full-service commercial printing, supporting marketing and communication needs.
3. TSYS Canada, Inc.: Offers programming support and portfolio conversion services tailored to Canadian clients.
4. TSYS Total Debt Management, Inc.: Specializes in debt collection and bankruptcy management services.
5. ProCard, Inc.: Software and tools assistance for managing purchasing, travel, and fleet card programs.
6. Enhancement Services Corporation: Focused on loyalty consulting and providing travel reward programs.
TSYS Technology Center, Inc.: Providing technical support and programming services.
8. TSYS Japan Co. Ltd.: Concentrates on gift card processing solutions for clients in Japan.
Conclusion
Synovus Financial Corp's extensive suite of banking services, specialized financial subsidiaries, and strategic transaction processing affiliates positions it as a multifaceted financial institution. The company's comprehensive services cater to the diverse needs of individuals and businesses, further enhancing its competitive advantage in the financial services marketplace.
Composition of Synovus Financial Corp Revenues by
Segments |
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| Wholesale Banking |
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 30.66 % |
of total Revenue |
| Community Banking |
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14.86 % |
of total Revenue |
| Consumer Banking |
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19.6 % |
of total Revenue |
| Financial Management Services |
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6.52 % |
of total Revenue |
| Treasury and Corporate Other |
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-25.26 % |
of total Revenue |
Q3 three months ended (Sep 30 2024)
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| Revenues by Business Segments |
Revenues
(in millions $) |
%
(of total Revenues) |
| Wholesale Banking |
165.94 |
30.66 % |
| Community Banking |
80.41 |
14.86 % |
| Consumer Banking |
106.09 |
19.6 % |
| Financial Management Services |
35.32 |
6.52 % |
| Treasury and Corporate Other |
-136.72 |
-25.26 % |
| Total |
541.29 |
100 % |
Q3 three months ended (Sep 30 2024)
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| Revenue Growth rates by Segment |
Y/Y Revenue
% |
Q/Q Revenue
% |
| Wholesale Banking |
3.38 % |
1.84 % |
| Community Banking |
-1.96 % |
2.49 % |
| Consumer Banking |
-12.32 % |
2.15 % |
| Financial Management Services |
51.97 % |
7.86 % |
| Treasury and Corporate Other |
- |
- |
| Total |
13.3 % |
12354.81 % |
Q3 three months ended (Sep 30 2024)
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| Income by Business Segments |
Income
(in millions $) |
%
(Profit Margin) |
| Total |
180.68 |
33.38 % |
Q3 three months ended (Sep 30 2024)
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| Income Growth rates by Segment |
Y/Y Income
% |
Q/Q Income
% |
| Total |
87.31 % |
- |
Annual Report on Synovus Financial Corp Divisions, Sales by Country |
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| Financial Management Services |
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4.58 % |
of total Revenue |
Twelve months ended 2024
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| SNV s Annual Revenue by Geography and Business Segments |
Sales
(in millions $) |
%
(of total Sales) |
| Financial Management Services |
84.88 |
4.58 % |
| Total |
1,852.50 |
100 % |
Twelve months ended 2024
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| SNV s Annual Income by Country and Business Segments |
Income
(in millions $) |
%
(Profit Margin) |
| Financial Management Services |
118.12 |
139.16 % |
| Total |
479.45 |
25.88 % |
Twelve months ended 2024
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| Annual Revenue and Income Growth by Country and Business Segments |
% Y/Y Sales Growth |
% Y/Y Income Growth |
| Financial Management Services |
-5.69 % |
34.31 % |
| Consumer Third Party Consumer Loans |
- |
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| Wholesale Banking Commercial Real Estate Medical Office Buildings Loans |
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