Capital One Financial (COF) in McLean, Va., has renamed and expanded its asset-backed lending unit.
Capital One Leveraged Finance was rebranded as Capital One Business Credit, the company said Monday. The new name is intended to more accurately reflect the group's offerings, Capital One said.
In addition, Capital One has hired two bankers to lead the specialty finance unit's Los Angeles office. Dan deBrauwere and Steve Hinrichs were named managing directors and will co-head the office, Capital One said Monday.
DeBrauwere joins Capital One from U.S. Bancorp's U.S. Bank (USB), where he led two commercial banking groups. Hinrichs joins from Bank of America (BAC), where he was a regional manager for Bank of America Business Capital, the company's asset-based lending division.
"The changes we are implementing in our business credit group reflect our strategy to build a leading, national commercial and specialty finance platform at Capital One Bank," Dean Graham, president of Capital One's commercial and specialty finance group, said in a press release. "The significant investments we are making across all our commercial and specialty finance business will increase our direct origination capabilities and bring an extensive product offerings, industry expertise and creative financing solutions to our customers."