RBS Citizens, the commercial banking division of Citizens Financial Group, announced that Russell J. Herakovich has been hired as Managing Director and Head of the Commercial Healthcare Banking Group. Based in Atlanta, he will lead the national expansion of RBS Citizens’ team of corporate bankers serving the healthcare sector.
Most recently, Herakovich worked for GE Capital, Healthcare Financial Services, where he was a Managing Director and head of the Southeast and Central regions for its Healthcare Corporate Finance team.
“Russ is a highly successful, energetic, and driven corporate banking executive with an extensive network of strong relationships throughout healthcare, banking and private equity,” said Steve Woods, RBS Citizens’ Head of Corporate Banking. “We are delighted to have him join our already strong healthcare team and build it into a national practice.”
Herakovich has 20 years of experience structuring and syndicating leveraged cash flow and asset-based senior credit facilities and has been involved in the raising or placing of more than $15 billion in capital. With 16 years of experience covering the healthcare industry and experience across the spectrum of pharmaceutical, medical device, healthcare information technology and healthcare services, he is a frequent speaker at healthcare and investor conferences.
“I’m very excited about the opportunity to expand our already strong platform in healthcare,” said Herakovich. “Healthcare represents approximately 18 percent of the U.S. GDP and is clearly a growth sector. RBS Citizens wants to aggressively grow its healthcare lending business, and I am thrilled to join such a strong team that is focused on helping our clients achieve their goals.”
Herakovich worked at GE Capital, Healthcare Financial Services, for 12 years and was responsible for a six-person team that originated debt transactions in the Southeast and Central regions of the United States. He joined GE Capital in 2002 and previously served as Senior Vice President of Originations in charge of the Central Region. He also previously worked at banks including SunTrust Robinson Humphrey and First Union.
Herakovich has a bachelor’s degree in finance from Virginia Tech and a master’s degree in business administration from the University of Virginia. He serves on Virginia Tech’s Pamplin College of Business Advisory Council, and he is Vice Chairman of Virginia Tech’s Finance Department Advisory Board.
As part of its national expansion announced earlier this month, Citizens has hired teams of experienced commercial bankers across its traditional New England, Mid-Atlantic and Midwestern markets and also in the following markets: Atlanta, Washington, DC, Charlotte, NC, Dallas and Los Angeles.
“We have grown from a bank with a strong but regionally focused Commercial Banking division to a top lead arranger of syndicated loans for middle market companies,” said Robert Matthews, Vice Chairman for Commercial Banking. “Having invested significant resources in new technology platforms, treasury products and staff, we are excited to be delivering innovative financing ideas and great service to companies across the country.”
Providence-based Citizens Financial Group announced in June that it will be changing the name of its commercial banking division from RBS Citizens to Citizens Commercial Banking later this year.