Greensky Financial, a private equity firm, is joining a growing list of US banks and financial institutions looking to tap the growing global finance sector.
Greensky is joining the US Federal Reserve’s “fast-tracked” programme, which allows banks to tap in to the global finance industry.
The US Fed said it has started a trial of the programme with financial institutions in the US and will continue to expand it as the US economy grows.
Greenskys founding director, Jason Acker, said the US Fed’s program was a “huge win” for the US banking sector.
“This is the first time that a private sector, as large as US banks, is going to be able to participate in a Fed program to assist them in bringing in private capital,” he said.
Greenski will be part of the fast-tracker programme for the first three months.
Greenskoys CEO, Robert Cagle, said that the new Fed program was “an important step in addressing the banking sector’s challenge”.
“The Fed is taking on a huge responsibility by helping to shape the financial landscape and provide innovative financial products to American businesses and consumers,” Mr Cagle said.
The Fed’s latest round of fast-tracking is expected to begin in the coming months.
“We’re excited to participate and to help shape the banking landscape in the United States,” Mr Acker said.
“The US is the world’s largest banking market and our success is dependent on the continued growth of the financial sector.”
Greensky has worked closely with US regulators, including the Federal Reserve and the Federal Deposit Insurance Corporation, to help the industry become more resilient to a range of economic, financial and regulatory challenges.
Greenskies goal is to help banks become more agile, resilient and flexible to a variety of challenges, including those that arise from the financial market downturn, Mr Cattle said.