Bibby Financial Services added Jim Vargo as SVP of business development. Vargo, previously with Wells Fargo, will lead the Asset-Based Lending (ABL) division of the Bibby’s Midwest office in Lombard, working to build long-term relationships with stakeholders, referral sources and banks.

Vargo brings more than 20 years of experience in the financial services industry. He has held a number of senior-level management positions with high-profile companies such as Wells Fargo, HomeDirectUSA, Bekins Van Lines and CIT Group, successfully driving growth and profitability by reducing costs and improving controls for multi-million dollar corporations as a CFO.

Most recently, Vargo served as senior vice president and business development manager at Wells Fargo. He managed more than 200 bank prospects and opportunities for the company, converting 14 of them to new customers within the last few years.

“We are confident that Jim’s extensive experience in asset-based lending will make him a valuable asset to our team,” said Ian Watson, CEO of Bibby Financial Services for North America. “This was a strategic hire based on the continued increase in demand for ABL, and we know that he is primed to support and grow our business in the Midwest.”