TIAA Commercial Finance, Inc. has announced its Vendor Equipment Finance business will concentrate on its existing healthcare, industrial and capital markets platforms. The bank believes these areas provide stronger long-term prospects for the growth of its VEF business.
TIAA Bank will no longer originate new business in its office products platform, a segment it paused in response to the global pandemic.
“We are focusing resources in sectors of the equipment finance market that have stronger growth prospects,” said Justin Tabone, TIAA Commercial Finance SVP of Originations. “Prior to the pandemic, the office products segment was considered post-mature. The changes in the sector driven by COVID-19 have made this the right time to shift priorities to our robust and growing platforms in healthcare, industrial and capital markets. I would like to thank all of our office product clients we have worked with through the years for their business.”
Existing office products lessees and borrowers should see no change to their outstanding financing and servicing arrangements. The bank will continue to service its portfolio of leases and loans through the remaining life of those contracts, including meter management and pass through payments for partners, as applicable. Business remains as usual for all other vendor equipment finance programs and clients.
TIAA Commercial Finance remains committed to its role as a prominent vendor equipment financing source for the industries it serves nationwide.
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