JPMorgan Chase’s Commercial Bank announced the launch of the Franchise and Restaurant Group within its Middle Market Banking & Specialized Industries (MMBSI) business and appointed Michael Pura, a seasoned banker, to lead the effort.
The Franchise and Restaurant Group will work with established and high growth restaurant chains and groups to provide tailored banking and financial solutions, including credit and financing, treasury and merchant services, commercial cards and international banking. Clients will have access to the Chase Connect digital banking platform to manage their finances, pay bills, receive and transfer money and more.
The group brings together JPMorgan Chase’s decades of experience covering franchise and restaurant clients, and will partner across the firm’s other lines of business including Investment Banking, Private Banking and Asset Management, to meet clients’ long and short-term needs.
“JPMorgan Chase has served the franchise and restaurant community for more than 30 years, and the Franchise and Restaurant Group is a natural extension of our sector expertise,” said Clarence Nunn, managing director and Southeast segment head for MMBSI. “We’re excited to commit our global capabilities and top talent to clients through a dedicated commercial banking team.”
“There are many factors that determine success in the franchise and restaurant space today – from big data and loyalty programs to digital payments and strategic geographic expansion,” said Pura, managing director and industry manager. “Our clients will benefit from the power and scale of JPMorgan Chase for every stage of growth, delivered through their dedicated industry banker.”
Pura will lead the Franchise and Restaurant Group from the firm’s Chicago office and report to Nunn. He joined JPMorgan Chase in 2017. Prior to that, he spent 20 years at Wells Fargo and predecessor companies managing teams of coverage bankers in the commercial and industrial, franchise and healthcare sectors. He also has a background in internal audit and six sigma processes.
Commercial Banking’s MMBSI business has dedicated teams in the top 50 metropolitan statistical areas in the U.S., including 16 specialized industry groups such as Beverage, Agribusiness, Technology, and Media & Entertainment.