Synovus Spins Off Bank Data Processing Business
Synovus Financial Corporation has reorganized its bank data processing operations into a new affiliate company. Synovus Technologies is headed by Anne Dawahare, now CIO of Synovus Financial, who once served as Senior Manager at KPMG. The new company will use Synovus' technology from its 34 affiliate banking companies, develop new products and services, and oversee the new partnership with M&I Data Services (Brown Deer, WI), a provider of general bank data processing services. "Timely implementation of technology to improve customer products and services is critical to our business," said Synovus chairman and CEO James Blanchard, "and this reorganization will insure we accomplish it." Electronic banking initiatives and other product development from two of Synovus' lead banks will be relocated to STI, which will incorporate the functions and personnel of Synovus Data Corp.