Bank of America (NYSE: BAC) announced Monday that Robert Arth has been selected as the new president of Bank of America Business Capital, a unit of the bank that provides asset-based lending worldwide.
Bank of America Business Capital holds 34 percent of market share in the asset-based lending space, according to the bank. Arth, will lead roughly 400 people that focus on asset-based loan generation, underwriting and portfolio management.
“Bob brings tested leadership and years of experience into this role. This is evidenced by how he and his team have listened carefully and worked closely with our clients to provide options during this difficult time,” said Laura Whitley, Global Commercial Banking Product Delivery executive. “We recognize that asset-based lending solutions are a powerful tool for businesses and offer unique flexibility in structure that is valuable in any economic cycle. Our customized credit and liquidity solutions are designed to meet clients’ needs.”
Arth held the role of East Division executive at Bank of America Business Capital prior to being names president of the unit, which is based in New York.
Arth, who is on the board of directors of the Commercial Finance Association, has more than 29 years of experience in the banking industry. He become part of Bank of America in 2003 when it acquired Fleet Capital in January 2003, his employer at the time.
