Capital One Financial Corporation announced the completion of its acquisition of General Electric Capital Corporation's Healthcare Financial Services lending business.
The business will be combined with Capital One's existing healthcare banking business to form Capital One Healthcare, a leading provider of financial services to the industry with over $11B in total outstanding balances. The new organization will offer tailored financing solutions that help support and grow organizations, providing financing to companies in various sectors, including healthcare services, hospitals, senior housing, medical offices, pharmaceuticals, medical devices and healthcare IT.
Darren Alcus, former President of GE Capital, Healthcare Financial Services, has been named President of Capital One Healthcare, and will report to Michael Slocum, President of Capital One's Commercial Bank. Alcus is joined by an experienced management team with deep industry relationships and expertise.
"With today's announcement, we are excited to formally unite these two strong teams under the new umbrella of Capital One Healthcare," said Slocum. "Together, we share a common culture and values that reflect our dedication to building strong, lasting relationships with our clients and providing them with exceptional service and the tailored financial solutions they need. With the strength of this combination, we are poised to capitalize on the tremendous growth potential we see in the healthcare sector."
"This is an exciting opportunity for our entire Capital One Healthcare team and we look forward to continuing to serve and grow with our many customers in the dynamic healthcare marketplace," said Alcus. "Our new combination truly represents a best-in-class group of industry domain experts and financing professionals, with a proven track record of delivering critical financial solutions for clients across the healthcare spectrum. Together we will offer an even broader array of capabilities to our clients, with the same high level of quality and execution they have come to expect."
Capital One Financial Corporation is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $212.9 billion in deposits and $313.7 billion in total assets as of September 30, 2015. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels.