1. 84 • monitor • 2015 MONITOR 100
W
hen Santander Bank decided to expand its
middle-market and large corporate envi-
ronment structured finance and leasing
business, they needed someone who had experience
starting and running businesses within a corporate
platform — a skill that takes demonstrated leadership
acumen, coupled with solid credit experience and port-
folio management. Vincent Belcastro, now group head
of Equipment Finance at Santander Bank, had the lead-
ership and expertise the bank sought.
Extensive Industry Experience
An industry veteran boasting almost 30 years of experi-
ence in various roles, Belcastro began his career working
across the platforms of both equipment finance and
asset-based lending in the Asset-Based Finance divi-
sion of Banker’s Trust Corporation, first as an analyst
and later as a relationship officer. In his next position,
he had the opportunity to help turn around a small
bank that was part of the Resolution Trust Corporation
bailout. “My role there was to help fix, expand and
strengthen the equipment finance unit and to manage
the collections department,” he says, remembering the
turnaround process. “I spent most of my time managing
the credit function, collections function of equipment
finance and the underwriting group.”
As a risk analyst in the loan review group at Republic
National Bank, mostly in Latin America and Europe,
Belcastro learned the ropes of heavy equipment usage
and underwriting equipment transactions for both
above-ground and below-ground mining equipment.
“That bank grew quickly, both organically and through
acquisitions,” he says. “One of the acquisitions was an
Australian banking and mining group from Westpac
Bank, so during this time I developed a strong back-
ground in mining and metals.”
For about six years Belcastro left the asset-based
finance business to serve with Citibank in general
mid-corporate and middle-market banking. In 2001,
he joined CIT where he took on various roles including
asset-based finance to credit leader of the healthcare
group. After six years, he was asked to spearhead the
restructuring group and wound up in equipment finance
again when a portfolio was moved under his manage-
ment. “The goal was fixing that book and over time we
managed it down,” he explains. “I was the driving voice
to get that business reestablished; I wrote the business
plan and we received board approval to restart that
business. In two-and-a-half years that quickly grew to
$1 billion of volume.”
Although he has a wide range of skills, Belcastro
believes that his leadership abilities will be most valu-
Brick by Brick:
BelcastroLaysaSolidFoundationatSantander
BY RITA E. GARWOOD
Santander Bank has entered the corporate equipment finance arena with a #84 ranking in the Monitor
100. This is only the beginning for newly appointed Group Head Vincent Belcastro, who plans to build a
best-in-class equipment finance operation that will stand the test of time.
VINCENT BELCASTRO
Group Head, Equipment
Finance, Santander Bank
“So far we’ve been fortunate to land experienced industry veterans on
the buy-side, indirect originations platform, underwriting and, soon, in
equipment management. We’ve laid the groundwork to have a strong core
team in our underwriting and risk management groups to become a primary
participant and overall leader in the equipment finance business.”
RANK: ASSETS: VOLUME:
84 $260.0 $81.0
SEGMENT: EMPLOYEES: WEB:
USB 7 santanderbank.com
EXECUTIVE PROFILE: NEW ENTRANT

2. 2015 MONITOR 100 • monitor • 85
To achieve significant growth and expand Santander’s middle-
market and large, corporate environment, structured finance and
leasing business, Belcastro plans to employ a buy-side, direct go-to-
market strategy. “We are absolutely focused on good, bank-quality
transactions in a wide array and a diverse industry set,” he says, noting
that Santander will focus primarily on the industry sectors of distri-
bution logistics, manufacturing, food services, agriculture, healthcare
technology, medical services, private aviation, marine and shipping.
“We can address that market because we have good capital costs and
product expertise,” he explains. “We can service our target market
from an overall customer quality experience and there is a national
focus. We’ll provide our existing and new clients with flexible, struc-
tured financing solutions to enable them to maximize their return on
equipment-related investments.”
Belcastro’s greatest concern in today’s market is credit quality of
customers. “The market has a lot of participants in it and sometimes
we tend to see structures get pushed a little bit,” he explains. “Given
the competition, I think the challenge for us will be to continue to book
strong credits in the B+ space through investment grade. Along with
that, our focus will be to build a diversified portfolio further delineated
by a diverse industry representation and asset class differentiation. It
can be challenging to grow while continuing to keep the credit metrics
where they should be.”
Outlook: Supply-Side Stability
When he looks at the industry as a whole, Belcastro’s outlook continues
to be stable from a supply-side. “I think that for the first two quarters
companies have been a bit measured in the way they go out and do
deals and invest in new equipment,” he says. “However, I think as we
move into the third and fourth quarters, we’ll continually see steady
growth. I believe we’ll see a drive for updated and new technology in
healthcare and in general manufacturing and logistics, to name a few.”
Coupled with that, Belcastro continues to see measured growth
in housing, road and general construction equipment. “We’ll most
certainly see excavation, heavy truck and aerial lifting equipment
sectors; I’d also include energy services,” he adds, referring to compa-
nies that service the power grid. “This continues to be a sector that is
ripe and deep with investment as we upgrade our power distribution
technology. Those are all the sectors we’ll focus on and where I see
growth potential.”
Belcastro expects that with the departure of GE, changes are
definitely on the horizon within the industry. “This is clearly going to
create a fairly large void in the market,” he explains. “But I believe over
time the market will address that. For what it’s worth, we’re excited
to be growing in this space and I’m looking forward to helping our
new and existing clients grow their businesses and to offer equipment
finance solutions.” m
RITA E. GARWOOD is editor of Monitor.
able in his new position. “I was a proven leader and started four units,
for CIT and another at a much smaller bank,” he explains. “Santander
hired me to reinvigorate this business and to get it up and running
within and across corporate platforms. It’s a terrific opportunity at a
bank that has tremendous opportunities.
“My management style is to develop a shared vision of success with
my team and a process for getting there,” he says. “Once the processes
and goals are set, I work with my team on the execution, monitoring,
guiding and performance management of the equipment organization.
One of the challenges at any organization in starting or redirecting a
group is getting the various constituencies to understand and buy into
the effort. To accomplish this, it requires determination, drive and the
ability to motivate your team to a common goal.”
On the transaction management side of the business, Belcastro
works with his team to avoid getting caught up in the noise, and to
ensure they are focused on risk management and good collateral
controls. “There was a large transaction that our team previously
executed where the client had been in default with its existing lending
group and most of the industry did not want to enter into a deal with
the company,” he explains. “We were able to see the value in the client
and transaction and move to complete a sophisticated term solution
with multiple tranches of debt layered into a specific collateral pool.
We coordinated a multitude of bank lenders and non-bank lenders
across the capital structure to close the deal. This transaction is an
example of the leadership required to understand the needs of each
client and put them in the solutions that yield positive results.”
Meaningful and Measured Growth
Belcastro has big plans for Santander’s corporate equipment finance
business, which he aims to grow in a meaningful and measured
manner. His immediate goal is to hire a team of high-performing
professionals who will help build a robust client base and best-in-class
credit and equipment management strategies. “Most importantly, my
goal is to build upon a strong and knowledgeable team while bringing
aboard industry professionals who will share the vision of building
a best-in-class equipment finance business and growing it in a judi-
cious manner,” he explains. “So far we’ve been fortunate to land
experienced industry veterans on the buy-side, indirect originations
platform, underwriting and, soon, in equipment management. We’ve
laid the groundwork to have a strong core team in our underwriting
and risk management groups to become a primary participant and
overall leader in the equipment finance business.”
Another of Belcastro’s goals is to make Santander’s equipment
finance business available as a product expert to support the bank’s
business banking, middle-market, ABL and large corporate businesses,
as well as its global banking and markets group. “We’re working inter-
nally to increase the level of equipment finance knowledge across our
franchise to enable us to accelerate our efforts and to offer our corpo-
rate clients a complete financial solution,” he explains. “Equipment
finance is always an excellent door-opener that allows our corporate
bankers to enter into new relationships by leading with our product.”
Growth in a Competitive Market
In a market awash with competition, Belcastro can pinpoint what sets
Santander apart. “We bring a fresh perspective and, certainly, new
capital and competitive funding costs to the industry,” he explains.
“We’re a local bank with the deep expertise and capabilities of a global
bank. We have a significant U.S. platform and we’re also well-known
in many parts of the world.”
“I think as we move into the third and fourth quarters,
we’ll continually see steady growth. I believe we’ll see a
drive for updated and new technology in healthcare and
in general manufacturing and logistics, to name a few.”