HOUSTON, Aug. 14, 2013 /PRNewswire/ -- BBVA Compass now offers equipment leasing and financing to companies across the nation that need everything from new aircraft to rail cars and medical equipment.
The bank is stepping into this market as the ongoing economic recovery in the U.S. results in growing investment in transportation, industrial and energy equipment.
"This new division strategically fills a gap in the bank's product offerings," said Rafael Bustillo, BBVA Compass' head of commercial banking. "Acquiring equipment is often a company's biggest expense and our finance team has the experience to help these customers make the right financial decisions."
BBVA Compass Equipment Finance is led by Mark Marinik, who has nearly three decades of experience in the leasing industry. Marinik, the division's executive vice president and director of commercial equipment finance, previously served as president of ICX Corp., the leasing affiliate of Charter One. Marinik will be based in Cleveland, where his team has operated for many years. There will be production offices in other cities.Marinik said equipment leasing and financing activity is bound to heat up as manufacturing demand regains some of the strength lost during the recession. Investment in equipment and software is expected to grow 4.8 percent this year, according to a study by the Washington, D.C.-based Equipment Leasing & Finance Association. "The equipment finance industry is growing due to a lot of pent-up demand in the last few years," said Marinik. "We're looking to build a world-class equipment finance operation to meet this demand." About BBVA GroupBBVA Compass is a subsidiary of BBVA Compass Bancshares Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, is the largest financial institution in Mexico and has leading franchises in South America and the Sunbelt region of the United States. Its diversified business is geared toward high-growth markets and it relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes. More information about the BBVA Group can be found at www.bbva.com . About BBVA CompassBBVA Compass is a Sunbelt-based financial institution that operates 688 branches, including 352 in Texas, 90 in Alabama, 78 in Arizona, 64 in California, 45 in Florida, 38 in Colorado and 21 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading Small Business Administration lenders and was recently awarded the 2013 Celent Model Bank Award for its new core banking platform. Additional information about BBVA Compass can be found at www.bbvacompass.com. Editor's Note: BBVA Compass is a trade name of Compass Bank, member FDIC. SOURCE BBVA Compass