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Growth in asset-based lending draws nation's 2nd-largest bank to Baltimore
Bank of America, the nation's second largest bank, has opened a loan office in Baltimore, joining an already large cadre of banks vying to lend to local manufacturers and distributors.
It's another sign that banks that do asset-based lending -- loans tied to a company's collateral -- are battling to capture a share of the Mid-Atlantic market.
San Francisco-based Bank of America is among more than a dozen national and international banks that now operate offices in the city.
Prohibited by banking laws from providing consumer services like checking and savings accounts, these institutions only offer loans to corporate customers.
While they may have a low profile among consumers, they have a high profile among companies seeking higher risk loans.
The list includes Daiwa and Sanwa Business Credit, subsidiaries of …