First Union Corp. is creating a new asset-based lending unit as part of its capital markets group and its Congress Financial Corp. subsidiary.

The new unit will have offices in New York, where Congress Financial is based, and Charlotte, where the capital markets group has its headquarters.

The group will focus on small and mid-market companies, which previously had been too small for the product lines offered by First Union. It will be headed by Bill Davis.

He will report to Wayne Robinson, managing director and head of First Union's Capital Markets' debt products group. Mr. Davis will retain his position as chief executive officer of Congress Financial, a post he has held since September.

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