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Banc of California Names Jagdeep Singh Sahota Chief Payments Officer
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Banc of California, Inc. (NYSE: BANC) appointed Jagdeep Singh Sahota as Chief Payments Officer, leveraging his 20 years of experience in the payments sector. Sahota will oversee strategic initiatives in payments, aiming to enhance services for business clients and expand the bank's capabilities in the payments ecosystem. His expertise includes senior roles at NMI, JP Morgan Chase, Visa, Salesforce, and PayPal. As of March 31, 2022, Banc of California reported $9.6 billion in assets, reinforcing its commitment to client-focused banking solutions across Southern California.
Positive
Appointment of Jagdeep Singh Sahota as Chief Payments Officer to enhance payment services.
Sahota's extensive experience will contribute to innovative payment solutions.
Banc of California reported $9.6 billion in assets as of March 31, 2022.
Negative
None.
Sahota Brings Over 20 Years of Experience in the Payments Space to this Newly Created Role
SANTA ANA, Calif.--(BUSINESS WIRE)--
Banc of California, Inc. (NYSE: BANC) today announced that its wholly owned subsidiary, Banc of California, N.A., California’s leading relationship-focused business bank, has hired Jagdeep Singh Sahota as Chief Payments Officer.
In this newly created role, Sahota will be responsible for the development and oversight of the bank’s strategic initiatives in payments, both its direct investment as well as related strategic partnerships. Through these initiatives, Banc of California will continue to augment the value-added services it provides to its business clients, while also serving a broader cross section of the payments ecosystem, including payment service providers, payment facilitators, ISOs, and merchants. Sahota will report to Banc of California’s Chief Operating Officer, John Sotoodeh.
“We are very excited to welcome Jagdeep to the Banc of California family, particularly as payments have become a key area of growth for us,” said Sotoodeh. “His decades of experience in the payments space will help Banc of California continue to offer its clients a variety of industry-leading and innovative solutions, enable us to expand our existing suite of payments capabilities and, most importantly, allow our clients to run their businesses more profitably and efficiently.”
“Joining Banc of California was an easy decision for me,” said Sahota. “Not only have they quickly become the go-to business bank in the region by providing a superior client experience, but they understand the important role innovation plays and are unafraid to look for ways they can use technology on behalf of their clients. I look forward to continuing and enhancing these efforts in my new role.”
Sahota has over 20 years of experience in the payments space and previously held senior leadership positions at NMI, JP Morgan Chase, Visa, Salesforce and PayPal. He has eight US patents and 23 global patent application filings to his name.
About Banc of California, Inc.
Banc of California, Inc. (NYSE: BANC) is a bank holding company with $9.6 billion in assets as of March 31, 2022 and one wholly-owned banking subsidiary, Banc of California, N.A. (the Bank). The Bank has 36 offices including 31 full-service branches located throughout Southern California. Through our dedicated professionals, we provide customized and innovative banking and lending solutions to businesses, entrepreneurs and individuals throughout California. We help to improve the communities where we live and work, by supporting organizations that provide financial literacy and job training, small business support and affordable housing. With a commitment to service and to building enduring relationships, we provide a higher standard of banking. We look forward to helping you achieve your goals. For more information, please visit us at www.bancofcal.com.
What is the significance of Jagdeep Singh Sahota's appointment at Banc of California?
Jagdeep Singh Sahota's appointment as the Chief Payments Officer is significant as it aims to enhance Banc of California's payment services and capabilities, leveraging his 20 years of industry experience.
What are Banc of California's assets as of March 2022?
As of March 31, 2022, Banc of California reported assets totaling $9.6 billion.
How will Sahota's role impact Banc of California's business clients?
Sahota's role is expected to augment the value-added services for business clients, helping them operate more profitably and efficiently through innovative payment solutions.
Where is Banc of California primarily located?
Banc of California primarily operates in Southern California, with 36 offices including 31 full-service branches.
