Mr Arth will lead a team of nearly 400 people responsible for asset-based loan origination, underwriting and portfolio management with clients in the US, Canada, Asia and Europe.

Mr Arth’s prior role was the BABC East division executive. He has more than 29 years’ experience in the banking industry and joined Bank of America with the Fleet Bank merger. He had joined Fleet Capital in January 2003, where he held an executive vice president and group manager position while managing their Mid-Atlantic region.

Laura Whitley, global commercial banking product delivery executive at Bank of America, said: “Mr Arth brings tested leadership and years of experience into this role. This is evidenced by how he and his team have listened carefully and worked closely with our clients to provide options during this difficult time.

“We recognize that asset-based lending solutions are a powerful tool for businesses and offer unique flexibility in structure that is valuable in any economic cycle. Our customized credit and liquidity solutions are designed to meet clients’ needs.”