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Wells Fargo Healthcare Corporate Banking Group Achieves Double-Digit Growth

November 17, 2017, 07:16 AM
Filed Under: Industry News

The Healthcare division of Wells Fargo Corporate Banking has made significant investments to expand its practice since its formalization. Healthcare Corporate Banking has doubled its capital commitments to the for-profit health care industry and has grown from a team of 12 to more than 75 team members across the U.S. with a focus in certain markets that have a higher health care concentration.
“The industry has seen significant growth driven by the aging population and the increase in health care coverage through the Affordable Care Act,” said David Gillespie, head of the Healthcare Corporate Banking Group. “As the landscape continues to grow and evolve, our customers need a stable and secure banking partner that understands their unique financial needs. Our Healthcare Group, paired with our established Healthcare Investment Banking team, closely coordinates to deliver financial solutions and strategic advice to help our clients meet their goals.”
The practice was formalized to meet the financial needs of corporate customers across the for-profit health care industry as a central point of access to banking and credit solutions. This formalization enhanced the work of a longstanding investment banking health care practice within Wells Fargo Securities.
To meet the demands of the middle market segment, the National Healthcare Group, led by Wallace Saunders, was formed to help grow the bank’s presence in this market. This team coordinates with Wells Fargo’s Middle Market Banking relationship managers to combine industry expertise with strong local coverage, serving companies across both the health care services and early stage life sciences sub-sectors.
Additionally, the Healthcare Group recently promoted Tim Gannon as head of the corporate business, charged with growing relationships among the larger corporate clients in the health care industry across all subsectors.
“With health care spending expected to outpace GDP growth, we expect the growth of our health care team across Wells Fargo to continue to evolve to meet the financial needs of our customers,” concluded Gillespie.

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