KeyCorp launched a new Boston-based structured finance group, continuing a string of business ventures aimed at corporate clients.
Carl Vercollone, a former Bank of Tokyo Financial executive, will lead Key Global Finance's efforts to provide services ranging from project finance to private placements.
The launch of the new group comes a little more than a month after the Cleveland-based bank received Federal Reserve Board permission to establish a section 20 investment banking subsidiary.
Mr. Vercollone said: "I am enthused because of the way KeyCorp has approached other businesses," including the bank's commitment to start some nontraditional business.
Mr. Vercollone saw a good synergy between Key's corporate banking interests and his interests.
"I found good compatibility between Key's strategic perspective to complement and supplement their corporate banking efforts and my ideas about how best to structure this activity," he said.
James S. Bingay, an executive vice president in corporate banking for Keycorp, also saw the business as a natural strategic fit.
"The formation of a specialty finance unit that will offer sophisticated, asset-specific structured finance to large corporate clients is a logical extension of KeyCorp's corporate banking strategy," Mr. Bingay said.
The new venture will handle a range of structured finance activities, including tax leasing, real estate, shipping, equipment manufacturing, and cross-border leasing.
"We expect to offer and be competitive in project finance, both domestically and in industrial power projects, and internationally in the telecommunications and power generation arena," Mr. Vercollone said.
Mr. Vercollone is joined by Mindy Berman, who will serve as a senior managing director responsible for all business development, and Donald Synborski, who will act as managing director in charge of large-ticket, tax-advantaged leasing.
A bank spokesman said the group will go after loans and leases ranging from $25 million to $400 million.