SunTrust Banks has turned the ignition key on a Motorsports Private Banking Group to develop business with race car drivers and team owners.
Brian Williams, a senior vice president in SunTrust's private banking group, said on Tuesday that it is the first unit opened by a bank to specifically target professional motor sports, including Nascar and Formula One teams.
The unit will offer private banking, lending, and investment management services.
"People expect celebrities and entertainers must use sexy services and exotic products, but the fact is, we are using general private banking products here," Williams said. "Everyone has to bank somewhere. A racecar driver or a team owner is not that different from another private banking customer. Where we add value is that we understand the industry."