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Santander Bank Offering Healthcare Equipment Financing as Part of Commercial Finance Expansion
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Santander Bank, N.A. has expanded its Commercial Equipment and Vehicle Finance business to include financing for healthcare organizations. This new nationwide offering will provide funding for advanced medical technology to hospitals, outpatient clinics, and specialized providers. The initiative aims to meet the rising demand for healthcare financing, especially in response to chronic diseases and an aging population. The program will be led by John Pack, a seasoned expert in healthcare equipment finance, leveraging Santander's existing infrastructure for nationwide transactions.
Positive
Launch of nationwide healthcare financing for medical technology.
Leverage existing infrastructure for quicker transaction execution.
Experienced leadership with John Pack driving the new initiative.
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None.
BOSTON--(BUSINESS WIRE)--
Santander Bank, N.A. today announced the expansion of its Commercial Equipment and Vehicle Finance business to include commercial equipment financing to healthcare organizations. The new, nationwide offering will provide financing for state-of-the-art medical technology and equipment to hospitals and health systems, out-patient clinics, and specialized providers.
“The pandemic brought to center stage how pivotal medical equipment is to our healthcare infrastructure,” said Michael Lee, Managing Director at Santander Bank. “Healthcare is an ever evolving and changing industry and places greater demand for broader lending, which is why this was the perfect time for us to launch our healthcare finance business. This expansion will provide the opportunity to serve clients whose products and services help respond to chronic diseases and care for an aging population.”
Backed by Banco Santander, one of the leading global banks, Santander’s healthcare finance unit will leverage the Commercial Equipment and Vehicle Finance Division’s existing infrastructure to help clients quickly and reliably execute transactions on a national scale.
This national business will be led by industry veteran John Pack, Market Director for Santander Healthcare. Pack brings 25 years of successful healthcare equipment finance experience to his new role. During his extensive career, he developed national programs in the healthcare equipment financing market. Most recently, he was Healthcare Finance Business Development Director at market leaders Huntington Bank and TIAA Equipment Finance. Pack will report to Peter LaMariana, Managing Director, Santander Bank Commercial Equipment and Vehicle Finance.
“Santander is very excited to have John, who is a proven industry expert in healthcare equipment financing, join our team,” LaMariana said. “Our approach will mirror industries that we have become financing leaders in. Our strategy is simple: staff with industry experts and exceed our customers’ needs with the products and service to build long-term relationships.”
Pack will be based in Santander Bank’s office in Melville, New York.
About Santander, N.A.
Santander Bank, N.A. is one of the country’s largest retail and commercial banks and an active provider of capital, treasury management, risk management and international solutions. Santander earns the loyalty of its commercial banking clients by offering services that help them manage their operating needs, maximize their working capital, and grow their businesses domestically and internationally. The Bank is a wholly owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) - one of the most respected banking groups in the world with 159 million customers in the U.S., Europe, and Latin America. For more information, please visit www.santanderbank.com/us/commercial.
