CINCINNATI--(BUSINESS WIRE)--For the past eight years, Fifth Third has brought together diverse-owned businesses and suppliers with representatives of some of the world’s largest corporations at its annual Supplier Diversity Summit, held each August at the bank’s corporate headquarters in Cincinnati, Ohio.
The annual event connects diverse-owned businesses and suppliers from across the country with leaders from Fifth Third and other Fortune 500 companies, and it helps diverse business owners gain perspectives from each other and network with other corporate partners.
“Supplier diversity is a strategic imperative at Fifth Third,” said Fifth Third Chief Corporate Responsibility Officer Kala Gibson. “We believe that a robust, inclusive and competitive supply chain is good for our businesses, our customers, our communities and our employees. Growing the supplier diversity ecosystem is vital to an inclusive and sustainable economy and has positive ripple effects across the communities we serve.”
On Tuesday, Fifth Third’s eighth annual Supplier Diversity Summit drew about 200 attendees for a day of panel discussions, breakout sessions, awards, and a pitch competition for the chance to win $5,300. Attendees included Fifth Third leadership and representatives of more than 130 companies from across 15 states.
“As a minority supplier who serves Fifth Third Bank throughout multiple regions, we are always excited to meet with Fifth Third’s leadership at this centralized event. The annual diversity summit allows us to speak one-on-one with these individuals and learn where the bank is headed,” said Andrés Alvarado, vice president of business development and marketing for Marand Builders, headquartered in Charlotte, North Carolina. “Fifth Third’s executive leadership attend the summit in person, which shows their commitment to supplier diversity. The value of this event is in the opportunity. Whether it is re-kindling existing relationships, or fostering new, the room is full of opportunity.”
Speakers at the summit included Gibson, Fifth Third Chief Marketing & Communications Officer Melissa Stevens, Fifth Third Director of Supplier Diversity Carla Cobb, Cincinnati Vice Mayor Jan Michele Kearney, and Janice Bryant Howroyd, founder and owner of The ActOne Group.
“The summit provides an incredible platform to network, create awareness of our services and advance our mission of connecting people with opportunity,” said Nina Vaca, Founder, Chairman & CEO of the Pinnacle Group, headquartered in Dallas, Texas. “At Pinnacle Group, we believe that strong supplier diversity drives innovation and growth. We are committed to helping customers empower diverse businesses, because when they thrive, we build a more equitable and prosperous community for all.”
Fifth Third’s supplier diversity program began in 2014 to encourage small diverse businesses (certified as owned by minorities, women, veterans, people with disabilities and LGBTQ+ people) to compete for contracting opportunities with the bank.
A decade ago, Fifth Third’s spend with diverse suppliers was less than 1%. Today, the bank’s spend with diverse suppliers is 11.2%. In 2023, Fifth Third spent $189.2 million with diverse suppliers across the Tier 1 and Tier 2 categories. Its program was also named “Best of the Decade” by Minority and Multicultural Business News last year.
Tier 1 spending includes work with suppliers who provide products and services directly and receive payment directly from Fifth Third. Tier 2 spending includes suppliers who provide products and services to Fifth Third and receive payment from a Tier 1 supplier.
“Our annual Supplier Diversity Summit supports diverse suppliers by providing education and training on how to conduct business with us and making connections with other companies,” Cobb said. “We are proud to continue our longstanding tradition of leadership in supply chain diversity and inclusion.”
In March, Cobb was named one of Procurement Magazine’s Top 10 Supplier Diversity Leaders influencing and shaping the procurement and supply chain industry. Fifth Third was also named among America’s Top Corporations for Women’s Business Enterprises in 2023 by the Women’s Business Enterprise National Council (WBENC).
The summit also included a Fifth Third Product & Innovation Showcase with information about how the bank is differentiating the customer experience; building its capabilities and adopting new tools to better support its customers and communities; and key community initiatives such as the Empowering Black Futures Neighborhood Program and how Fifth Third is tackling the affordable housing crisis.
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.
