BB&T is focused on growing its private banking and wealth management business in Northern Virginia, and has a company-wide mandate to quadruple it over the next five to seven years, the Washington Post reports.

The bank, which has around 100 branches in the region, is accelerating its strategy to grow the wealth management unit with additional resources, Dan Waetjen, group president for Greater Washington, is quoted as saying.

Wealth management is increasingly being recognized as providing steady revenues for banks during times when other business lines, such as retail and investment banking, get hit. As reported last week, Wells Fargo is aiming to expand its private bank in New York and is considering increasing its private banker headcount from 67 to 77, dedicated to managing money for clients with at least $5 million in investible assets.

BB&T has also introduced new products to its wealth offering, adding a unified managed account platform in recent years.

“Wealthy individuals working with this type program are not stuck with buying only investment options that BB&T wants to push,” Waetjen reportedly said. “They can invest in whatever is out in the marketplace, and get a unified statement showing all of those investments.”

In terms of implementing the growth strategy, Waetjen told the publication the bank will build on its existing relationships with small- and mid-sized business owners, capitalizing on cross-selling opportunities.

The Greater Washington region accounts for some 10 per cent of BB&T’s revenues, so it is an important market, and one the firm thinks has further growth potential, according to the report.