BBVA Compass said it has launched an equipment finance unit. Mark Marinik leads the division as EVP and director of commercial equipment finance. He previously served as president of ICX, the leasing affiliate of Charter One.

Marinik will be based in Cleveland, where his team has operated for many years. There will be production offices in other cities.

The equipment leasing and financing unit will focus on companies nationwide that need everything from new aircraft to railcars and medical equipment. The bank said it is stepping into this market as the ongoing economic recovery in the U.S. results in growing investment in transportation, industrial and energy equipment.

“This new division strategically fills a gap in the bank’s product offerings,” said Rafael Bustillo, BBVA Compass’ head of commercial banking. “Acquiring equipment is often a company’s biggest expense and our finance team has the experience to help these customers make the right financial decisions.”

Marinik said equipment leasing and financing activity is bound to heat up as manufacturing demand regains some of the strength lost during the recession. Investment in equipment and software is expected to grow 4.8% this year, according to a study by the Washington, D.C.-based Equipment Leasing & Finance Association.

“The equipment finance industry is growing due to a lot of pent-up demand in the last few years,” said Marinik. “We’re looking to build a world-class equipment finance operation to meet this demand.”