CHICAGO--(BUSINESS WIRE)--As a result of continued growth and increased demand for asset-based lending, Bibby Financial Services (BFS) announces the addition of Jim Vargo as Senior Vice President of Business Development. Vargo will lead the Asset Based Lending (ABL) division of the company’s Midwest office in Lombard, working to build long-term relationships with stakeholders, referral sources and banks.
Vargo brings more than 20 years of experience in the financial services industry to his new role with BFS. He has held a number of senior-level management positions with high-profile companies such as Wells Fargo Bank, HomeDirectUSA, Bekins Van Lines and The CIT Group, successfully driving growth and profitability by reducing costs and improving controls for multi-million dollar corporations as a CFO.
Most recently, Vargo served as Senior Vice President and Business Development Manager at Wells Fargo Bank. He managed more than 200 bank prospects and opportunities for the company, converting 14 of them to new customers within the last few years.
“We are confident that Jim’s extensive experience in asset-based lending will make him a valuable asset to our team,” says Ian Watson, Chief Executive Officer of Bibby Financial Services for North America. “This was a strategic hire based on the continued increase in demand for ABL, and we know that he is primed to support and grow our business in the Midwest.”
About Bibby Financial Services
Bibby Financial Services is a leading independent financial services partner to more than 9,500 businesses worldwide providing more than $1 billion in funding globally. With over 40 operations in 14 countries spanning Europe, North America and Asia, we provide asset-based lending and factoring solutions to help businesses grow in domestic and international markets. Established in 2001, Bibby Financial Services North America has seven offices in the U.S. and Canada that support businesses in virtually any industry. We hold memberships in the Commercial Finance Association, the International Factoring Association, and the American Finance Association. Bibby Financial Services is part of Bibby Line Group (BLG), a diverse and forward-looking family business with over 200 years’ experience of providing personal, responsive and flexible customer solutions. To find out more about Bibby USA and Bibby Canada, please visit www.bibbyusa.com or www.bibbycanada.ca.