Sterling Bancorp of New York announced a deal Monday that it said would "substantially expand" its asset-based lending business.
The $2.2 billion-asset company said that its Sterling Factoring Corp. plans to buy virtually all the operations of the New York companies DCD Capital LLC and DCD Trade Services LLC, which provide factoring, import trade financing and accounts receivable management services, mainly to import businesses.
Under the deal with DCD Group, the businesses would operate under the name Sterling Trade Capital. Zilay Wahidy, the president of DCD Capital and DCD Trade Services, would continue to oversee their operations as managing director and would become a senior vice president of Sterling National Bank.
The price of the deal, which is to be completed this week, was not disclosed.