Citi Commercial Bank announced the expansion of its asset-based lending (ABL) unit to enhance and expand lending to middle market and mid-corporate U.S. businesses seeking revolving lines and term loans based on underlying assets. The strategic growth compliments Citi’s Institutional Clients Group ABL franchise, which has been meeting the needs of Citi’s corporate clients for more than 25 years.
The Commercial Bank’s new ABL leader, banking veteran John DePledge, joined the organization as the business head and national sales manager, principally responsible for new loan origination and expansion of all aspects of the business line. DePledge, who has more than 30 years of experience, joins Miles McManus, the group’s national underwriting manager and Citi veteran, and Rich Levenson, the national portfolio manager, in rounding out the business line’s leadership team.
“We are investing in Citi Commercial Bank’s asset-based lending practice because it represents an important area for us to help our clients grow and thrive,” said Citi Commercial Bank U.S. Head Will Howle. “Citi has unparalleled global capabilities that, when combined with the top-tier talent we’ve assembled with John and the new team, position us extraordinarily well to capitalize on opportunities in the Citi Commercial Bank ABL space on behalf of our clients.”
“The Citi brand and international scope offer tremendous opportunities to support financing for mid-market U.S.-based companies,” said DePledge. “Miles, Rich and I have known each other for decades, and we’ve hit the ground running to make a difference in the U.S. market and to support the industries that represent the backbone of the economy. We are proud to have the resources and experience to help our clients expand, particularly across borders.”
The ABL group also recently hired three regional Senior Business Development Officers:
The specialty group, which continues to grow talent across origination, portfolio management and underwriting, currently collaborates with 100-plus U.S. Citi commercial bankers who offer ABL options in addition to other capitalization needs. The ABL group has already had excellent success in 2013 with financings for businesses in a wide range of industries, including metals, food product, consumer goods and others.
Citi Commercial Bank’s ABL business is part of the specialty finance group, led by Rajiv Goswami, to whom DePledge reports. Target industries include manufacturing and distribution – traditional high-asset, low cash industries that use ABL for expansion and investment.
DePledge joined Citi from TD Bank, where he spent six years in various positions within their ABL unit, with his last position as senior vice president and ABL head of business development. He held a variety of lending positions at several banks before joining LaSalle Business Credit, and its predecessor, Mellon Business Credit, in Philadelphia, where he worked from 1995 to 2006, gaining experience in all aspects of the business, including factoring, underwriting and portfolio management.
Having served as the Philadelphia chapter president of the Commercial Finance Association (CFA), DePledge maintains an active national role on CFA’s Executive Committee, and has also served on its Board of Directors and chaired numerous committees. In addition, DePledge currently serves on the Board of Directors for Turnaround Management Association’s Philadelphia Chapter.