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Press release content from Business Wire. The AP news staff was not involved in its creation.

Fifth Third Private Bank Introduces Business Transition Advisory Team

August 19, 2021 GMT

CINCINNATI--(BUSINESS WIRE)--Aug 19, 2021--

Fifth Third Private Bank, a division of Fifth Third Bank, N.A., has announced the creation of the Business Transition Advisory team, dedicated to preparing business owners financially and personally for a business transition or liquidity event. Leading the team is Frieda Rakhman, who joined the Bank in January bringing more than two decades of financial experience to the role.

According to a January 2020 National Center for the Middle Market research report, 77% of privately owned businesses have transitioned in the past five years or will transition in the next five years. Of those businesses, a third haven’t taken any steps to prepare for a transition, such as a sale to an outside buyer or passing the business to the next generation of family.

“It is in the fabric of our DNA to approach conversations with clients as a strategic partner,” said Kris Garrett, head of Wealth & Asset Management for Fifth Third. “With the new capabilities brought by Frieda and her team, we are leaning further into our strategic partner role and the advice we can offer our clients.”

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Navigating a business transition or liquidity event is complex, both financially and emotionally. The Business Transition Advisory team seeks to help business owners during this process as a complimentary and consultative offering from the Bank. Whether they are selling the business or passing it down to family, the team works alongside business owners and their outside advisors to optimize their financial and business outcomes.

“The most common regret we hear from business owners who have gone through a transition or liquidity event is that they didn’t spend enough time on the personal aspects of the process,” said Rakhman. “We believe the optimal time for a business owner to begin thinking about and preparing for a transition is 24-36 months. We can serve as a trusted advisor to help the business owner navigate the personal planning process, the business transition and how the two overlap, and what life looks like post-transition.”

Rakhman, based in Atlanta, began her career in strategy consulting and has deep expertise across wealth management, including in practice management consulting, portfolio management, client service and business development. She earned a bachelor’s degree in economics from the Wharton School of Business at the University of Pennsylvania.

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Fifth Third Private Bank provides access to investment and planning solutions to preserve clients’ wealth, increase assets, protect businesses and leave a lasting legacy for high net-worth individuals and families. For more information about the Business Transition Advisory team, visit 53.com.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of June 30, 2021, the Company had $205 billion in assets and operates 1,096 full-service Banking Centers, and 2,369 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2021, had $483 billion in assets under care, of which it managed $61 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”

Fifth Third Private Bank is a division of Fifth Third Bank, National Association, offering banking, investment and insurance products and services. Fifth Third Bank provides access to investments and investment services through various subsidiaries, including Fifth Third Securities. Fifth Third Securities is the trade name used by Fifth Third Securities, Inc., member FINRA / SIPC, a registered broker-dealer and registered investment advisor registered with the U.S. Securities and Exchange Commission ( SEC ). Registration does not imply a certain level of skill or training.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210819005460/en/

CONTACT: Shandi Grant (Media Relations)

shandi.grant@53.com| 513-534-8894

KEYWORD: UNITED STATES NORTH AMERICA OHIO

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: Fifth Third Bank

Copyright Business Wire 2021.

PUB: 08/19/2021 09:00 AM/DISC: 08/19/2021 09:01 AM

http://www.businesswire.com/news/home/20210819005460/en