CitiCapital has announced the formation of a new business group, Citi Commercial Asset Based Finance. The new unit will provide secured commercial loans nationally to companies requiring US$5m to US$100m in financing. CitiCapital is part of the Commercial Business Group, which focuses on the needs of small- to medium-sized enterprises (SMEs).
"Citi Commercial Asset Based Finance will be a key building block in our strategy to expand our footprint in the SME segment," said Ellen Alemany, CitiCapital president and CEO and EVP of the Commercial Business Group. "This new unit will help us offer a full array of banking and financing services to these companies."
The management team for Citi Commercial Asset Based Finance includes:
Steve Solk, managing director: Solk adds this new assignment to his responsibilities as head of the CitiCapital Franchise Finance Group.
