TIAA Commercial Finance’s vendor equipment finance business will concentrate on its existing healthcare, industrial and capital markets platforms and no longer originate new business in its office products platform, a segment it paused in response to the global COVID-19 pandemic. TIAA Bank believes these areas provide stronger long-term prospects for the growth of the vendor equipment finance business.
“We are focusing resources in sectors of the equipment finance market that have stronger growth prospects,” Justin Tabone, SVP of originations for TIAA Commercial Finance , said. “Prior to the pandemic, the office products segment was considered post-mature. The changes in the sector driven by COVID-19 have made this the right time to shift priorities to our robust and growing platforms in healthcare, industrial and capital markets. I would like to thank all of our office product clients we have worked with through the years for their business.”
Existing office products lessees and borrowers should see no change to their outstanding financing and servicing arrangements. TIAA will continue to service its portfolio of leases and loans through the remaining life of those contracts, including meter management and pass through payments for partners, as applicable. Business remains as usual for all other vendor equipment finance programs and clients.
TIAA Commercial Finance, a subsidiary of TIAA, FSB, provides equipment financing.
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