Wells Fargo (WFC) has created a health care banking team within its corporate banking group.
The group will provide large, for-profit hospitals, pharmaceutical companies and other health care firms with financing as well as treasury management, market risk management and other services, according to Wells spokeswoman Jessica Ong.
The team will also offer health care clients capital market products and advisory services in partnership with Wells Fargo Securities' investment banking and capital markets group, according to Wells' Wednesday press release.
At the helm of the newly created team is David Gillespie, who headed the health care leveraged finance team in Wells' investment banking and capital markets group for more than a decade. Gillespie "advised health care clients on financing and developed strong sector expertise" in his previous role, according to the release.
A growing number of banks have targeted health care clients in recent years as policy changes like the Patient Protection and Affordable Care Actincrease the industry's demand for financing. RBS Citizens Financial Group, Huntington Bancshares (HBAN), KeyCorp (KEY), Opus Bank and ServisFirst Bancshares are among lenders with health care units.