Fifth Third Bancorp has combined several business divisions into a new unit focused on payments, as the Cincinnati company continues its gradual exit from its former payments unit, Vantiv.
Fifth Third's new Payments and Commerce Solutions unit combines treasury management, consumer card, currency processing solutions and other divisions, the $133 billion-asset company said Sept. 24. The new unit will focus on complex, high-transaction industries and segments such as retail and health care, Fifth Third said in a news release.
The new unit will provide a deeper, more holistic and innovative experience to our customers, Greg Carmichael, president and chief operating officer, said in a statement.
Randy Koporc, who had been president of Fifth Third's Georgia operations, will lead the new unit.
Fifth Third has been selling its stake in Vantiv, following its IPO in March 2012. In the second quarter, Fifth Third recorded a $125 million gain on its sale of Vantiv shares.