Daily News: April 17, 2015

Bibby Names Barry Kastner as EVP/ABL

Bibby Financial Services hired Barry Kastner as EVP, asset-based lending. Kastner will work with an experienced team of professionals to provide funding to middle market and larger businesses based on those companies’ accounts receivable, inventory equipment and real estate.

Kastner joins the company as a seasoned finance professional with 38 years of experience in commercial banking and asset-based lending. Previous roles include EVP and head of TD Bank’s Asset Finance Group. Kastner spent the majority of his career serving as managing director of Wachovia Capital Finance, which was the successor to Congress Financial, where he served as EVP and COO. Additionally, Kastner is an active member of the Commercial Finance Association, and previously served as director of the association and president of the New York chapter. He is a graduate of Hofstra University and holds three securities licenses.

“It is imperative we bring seasoned finance expertise to support our asset-based lending portfolio,” says Leigh Lones, Bibby Financial Services Americas CEO. “We are expecting a year of phenomenal growth in the asset-based lending arena, and we are sure that Barry’s wealth of experience and knowledge will serve the team well.”

Bibby Financial Services expects its asset-based lending portfolio to continue to expand in 2015, as institutions awarded nearly $20 billion in asset-based loans in the third quarter of 2014, above 2013’s Q3 volume of $14 billion, according to Thomson Retuers.