Santander Bank expanded its commercial equipment and vehicle finance business to include commercial equipment financing for healthcare organizations. The new offering will provide financing for medical technology and equipment for hospitals and health systems, out-patient clinics and specialized providers across the United States.
“The pandemic brought to center stage how pivotal medical equipment is to our healthcare infrastructure,” Michael Lee, managing director at Santander Bank, said. “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, Santander’s healthcare finance unit will leverage the bank’s commercial equipment and vehicle finance division’s existing infrastructure to help clients execute transactions on a national scale.
John Pack will lead the new unit as market director for Santander Healthcare. Pack has 25 years of healthcare equipment finance experience and has developed national programs in the healthcare equipment financing market. Most recently, he was healthcare finance business development director at Huntington Bank and TIAA Equipment Finance. Pack will report to Peter LaMariana, managing director of Santander Bank Commercial Equipment and Vehicle Finance, and be based in Melville, NY.
“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.”
Read More: Santander Bank Expands Capabilities to Include Healthcare Equipment Financing