BOK Financial's (BOKF) Subsidiary to Open New Office in Memphis
BOK Financial Corporation BOKF has announced the expansion of its subsidiary, BOK Financial Securities, by setting up a new office in Memphis, TN. With this, the company is enhancing its ability to offer unparalleled financial services to clients throughout the southeastern regions of the United States.
The new office will have a team of 20 seasoned institutional sales officers, support staff and other skilled professionals.
BOK Financial Securities offers a wide range of investment advisory services, capital market solutions and underwriting to their valued clients. These services are delivered to their existing offices located in Arizona, Arkansas, Colorado, Connecticut, Kansas, Nebraska, New Mexico, Oklahoma, Texas and Wisconsin. The company’s debut in Memphis will benefit from the dynamic and fast-growing market.
Scott Grauer, CEO of BOK Financial Securities & executive vice president of wealth management of BOK Financial, commented, "When this dynamic team is in place later this fall, we'll be better positioned to serve a part of the country that is seeing tremendous growth."
Markedly, over the past several years, BOK Financial has transformed from merely being a bank in Oklahoma to a chief financial service provider, by expanding into carefully selected markets in neighboring states. Last month, BOK Financial's division, Bank of Texas, set foot in the San Antonio market, thereby expanding its presence in Texas.
Also, in 2018, it strengthened its foothold in Colorado and Arizona, following the merger with Denver-based CoBiz Financial. We remain encouraged by such expansion moves that boost the company’s growth prospects.
Stacy Kymes, president and CEO of BOK Financial, stated, "Although there has been some turbulence in the financial services industry this year, we believe the strength and stability of our franchise sets us apart." According to him, the continued expansion is reflective of the company's disciplined growth focus.
In the past three months, shares of BOKF have gained 8.1% against the industry's 4.6% decline.
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Currently, BOKF carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Expansion Moves by Other Banks
HSBC Holdings plc HSBC has re-launched its Global Private Banking business in India. The lender was exploring options of re-entering the Indian markets for a year, as the country has been experiencing a surge in the number of super-rich.
HSBC exited India’s private banking business in 2015 as part of a group strategy. However, in November 2021, Nuno Matos, CEO of HSBC’s Wealth and Personal Banking division, said that the bank was exploring re-entering onshore private banking in India.
Last month, Citizens Financial Group, Inc. CFG expanded its private banking business with the addition of approximately 50 new senior private bankers and related support staff in Boston, MA, Florida, New York and San Francisco.
The new team at CFG will provide personal banking, retirement planning, commercial and business banking, investment management and financial planning, and other services to families, high-net-worth individuals, nonprofits and private family foundations through the bank’s Private Banking practice.
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