Bank Leumi USA has hired John DePledge to head its New York-based Asset-Based Lending business.

DePledge will manage the continued expansion and growth of the bank’s ABL practice, launched by Leumi in 2018. He replaces Mark Fagnanai, who recently accepted a position at the Clear Thinking Group.

Over his 30-year career in corporate finance, DePledge has successfully developed and grown asset-based lending practices at major North American banks through various economic and market cycles. He most recently served as business head and national sales manager for Citibank’s Asset-Based Lending Unit, where he led product development and closed over $2.5 billion in new business.

“John has built an impressive track record of establishing and building successful asset-based lending practices over his three-decade career,” said Shawn McGowen, Leumi’s chief banking officer. “His experience and strong relationships in the middle-market lending space are valuable strengths as we grow our asset-based lending business.”

Prior to Citibank, DePledge was head of Business Development at TD Bank, where he established the company’s Mid-Atlantic ABL lending capability. He has also worked in various capacities for LaSalle Business Credit, People’s United Bank, Citytrust Bank and Associates Commercial Corporation.

DePledge is the president of the Secured Finance Network (SFN), formerly known as the Commercial Finance Association.