Mitsubishi UFJ Financial Group enhanced its Asset-Based Finance business in the Americas by hiring Edward Gately as a managing director to lead the group.

Gately joins MUFG after 12 years at HSBC Bank USA, where he was head of its asset-based lending business. Before HSBC, Gately spent nearly 20 years with Bank of America and one of its legacy institutions, Fleet Bank. In his most recent position at Bank of America, he managed a specialty lending unit.

Gately will report to Jon Lindenberg, MUFG’s deputy head of Investment Banking for the Americas.

“Adding Ed to MUFG’s investment banking team will provide a tremendous boost to our asset-based finance business, while enhancing our relationships across the bank’s broad client base,” Lindenberg said. “Ed brings the right blend of skills, experience and passion that are necessary to effectively lead this critical product area.”

MUFG’s ABF franchise specializes in formula-driven revolving lines of credit, and term loans based on eligible assets including accounts receivable, inventory, equipment and owner-occupied real estate. A unit of MUFG’s Investment Banking group, ABF provides flexibility for rapid growth, acquisitions, and turnarounds for commercial and corporate clients.