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SunTrust adds Motorsports Banking unit
Published June 28, 2004
NASCAR drivers will have the opportunity to join the list of SunTrust Banks Inc.s entertainment clients, who include country singers Faith Hill and Alan Jackson and hip-hop stars Jermaine Dupri and Dallas Austin.
With last weeks announcement that SunTrust has reached a multiyear agreement with NASCAR to become the official bank of NASCAR, the Atlanta-based bank has expanded its Music Private Banking Group to include a new unit called SunTrust Motorsports Banking.
The music banking group provides loans, financial and investment advice, tax planning and checking account services to its clients. Andy Deas, first vice president and director of sports marketing for SunTrust, said that which services the bank will provide for drivers and teams is still unclear.
Financial terms of the deal were not released, but similar deals are reported to be in the low seven figures.