Wingspire Capital hired Dave Turco as a managing director on its business development team. Turco is based in Boston and will assist in expanding Wingspire Capital’s national presence by originating senior secured credit facilities for private and publicly traded companies in the Northeast.
Lighthouse Financial added Andy Graziano as vice president of business development, covering the Southeast region, including Georgia, Tennessee, Alabama and Florida. Graziano most recently served as a corporate ABL banker at Synovus Bank.
White Oak Commercial Finance hired Garrick Tan, Fridolf Hanson and Bill Kearney as senior business development officers to its ABL and lender finance platform. In their roles, Tan, Hanson and Kearney will focus on sourcing transactions with committed capital needs ranging from $15 million to $250 million.
Abacus Finance Group promoted Joseph Lee from senior associate to vice president and Jacob Wise and Austin Rendell from analysts to associates.
MUFG Union Bank will acquire supply chain finance platform Trade Payable Services from GE Capital. The deal marks the third major divestment by GE Capital over the last six months.
Starwood Property Trust entered into an agreement to acquire GE Capital’s Energy Financial Services’ Project Finance Debt Business and loan portfolio for $2.56 billion.
The Wall Street Journal reported GE continues to restructure the company, but it is still struggling to decide what to do with its lending unit, GE Capital.
The U.S. Supreme Court ruled that Sergio Fernando Lagos does not have to reimburse GE Capital the $5 million the company paid to investigate his fraudulent activities. Lagos pled guilty to defrauding GE of more than $30 million.
The Wall Street Journal reported that GE Capital CEO John Flannery said he is considering breaking company divisions off into separately traded units.
Wells Fargo has formed a Hotel Franchise Finance division and hired Scott Andrews to lead the unit. Andrews previously ran the middle market Hotel Franchise Finance division at GE Capital.