G-Mac Financial CEO: ‘We’re not going to be able to compete’

G-Mac Financial CEO: ‘We’re not going to be able to compete’

August 20, 2021 Comments Off on G-Mac Financial CEO: ‘We’re not going to be able to compete’ By admin

The executive who ran G-MAC Financial, a bank that was a subsidiary of Securian Financial, told Bloomberg News the company was no longer profitable and will need to focus on growth.

“We are a small bank and we need to grow and we don’t have a large bank in our portfolio, so that will be our next challenge,” said Michael Cavanagh.

“It’s a tough time to be a bank.”

The former CEO said G-mac would likely have to focus more on its online banking business, which was one of the biggest drivers of its sales.

“You can’t compete on the level of how you offer products and services,” Cavanag said.

“I think it’s going to take a long time to grow, it’s been a difficult year for us, and we’ve been focused on our online business.”

Cavanagg said the bank was not yet ready to announce the closure of the business, but that it would likely focus on its new business, and if it was successful, it would expand the bank into other markets.

The former executive said the company had raised $20 billion in equity funding.

In August, G-Mobile and G-Mall also announced they were going into receivership.

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