Synovus Financial (SNV) is weighing options including a potential merger after drawing interest, people familiar with the matter said, according to a report by Bloomberg’s Matthew Monks. The bank is working with a financial adviser and has recently held merger talks with at least one rival, the people said. Regional U.S. banks are under pressure to combine amid stiff competition from industry giants such as Bank of America (BAC) and JPMorgan (JPM), which can afford to spend heavily on new branches and technology upgrades, the author notes.
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