DALLAS — Pittsburgh-based PNC Capital Markets has hired veteran Ohio-based banker Mark Fisher to lead its efforts there as it eyes further expansion and amplifies it pitch on bank products available to municipal clients.
Fisher, who joined the firm's Cleveland office as a managing director and head of public finance in Ohio, will manage a team of six bankers in the Cleveland and Columbus offices with additional hires expected. He also will work as a banker with Ohio and Kentucky borrowers.
Fisher is a 30-year public finance veteran who most recently worked at Keybanc Capital Markets where he was responsible for municipal bond underwriting in Ohio. He previously held a banking position at Stifel, Nicolaus & Co.
"Mark's addition to the team represents a strategic investment in PNC's public finance priorities, and highlights the importance of and our commitment to serving customers throughout Ohio," said PNC national head of public finance Robert Dailey.
Dailey said the firm wants to be among the firms in Ohio with a reputation for being a "leading problem solver for our clients" but added that the firm won't be chasing "market share for the sake of market share."
The firm ranked 14th nationally among senior managers for the first six months of this year on a par amount of $3.6 billion in 81 deals.
Fisher's hiring comes as the firm is promoting the bank products it offers that compliment traditional underwriting business.
Dailey sees growth in the bank loan market as one means to gaining a competitive edge over some other firms.
The lineup includes bank loans, credit facilities, derivative products, and treasury services.
"The way we have organized project finance is to bring all of the product capabilities related to the public sector under one organization," Dailey said. "Over the last several years we have had issuers considering bonds or considering bank loans and wanting flexibility to do either. PNC is set up to cater to issuers varying needs those looking to whether tap the muni market or bank loan market at any given time."
Bank loans, depending on interest rates, can sometimes offer more attractive terms for issuers and a less cumbersome process. This alternative source of financing is an also an option for infrequent borrowers and so-called "story" credits who might face a tougher time accessing the market.
Aaron Weitzman contributed to this story.
