A merger involving two trailblazing African-American financial entrepreneurs has been in the works for 15 years and is finally set to be completed in 2020.
Suzanne Shank and Christopher Williams — two high-powered Wall Street CEOs who ran successful New York-based financial firms – decided to merge their entities into a single company that will be one of the largest minority-owned investment banks in the U.S.
Siebert Cisneros Shank & Co. will merge with The Williams Capital Group and the new company will be known as Siebert Williams Shank & Co.
Shank will serve as the president and CEO while Christopher Williams will assume the role of chairman of the board, according to Black Enterprise.
She also serves on the Global Citizen and Bipartisan Policy Center Executive Council on Infrastructure boards, as well as the Wharton Graduate Board of Trustees and Spelman College Board of Trustees.
“By bringing together two first-class firms, we will accelerate our collective success and greatly enhance our ability to serve our clients using a strong capital base that is now significantly larger,” Shank said in a statement.
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The merger and the new company’s rebranding are expected to be completed by 2020 with offices of the new entity in New York and Oakland.
The firm is expected to have around 15 offices across the U.S. serving more than 750 institutional investors.
Both Black investment banks have been expanding their offerings and pursuing new markets including moving into corporate finance, ramping up their debt and equity transactions and focusing on infrastructure financing.