Sakin, Hurdle head Mercantile's new capital markets group

November 18, 2003|By William Patalon III | William Patalon III,SUN STAFF

Mercantile Bankshares Corp. announced yesterday that it has formed a new capital markets group to provide corporate and nonprofit customers with financing, interest-rate hedging and other advisory services on capital projects such as new buildings.

The Baltimore-based bank said it had hired two former M&T Bank executives to head the new unit, called the Mercantile Capital Markets Group. The executives, Howard M. Sakin and Hans-Michael Hurdle, have been named senior vice presidents and are reporting to Kenneth A. Bourne, an executive vice president of Mercantile-Safe Deposit and Trust Co. Bourne said the two executives have already assumed their new posts.

"This is a new area for us," Bourne said late yesterday. "It will enable us to offer a wide array of services and financing to borrowers [working on] new capital projects and who, in the past, might have gone with other financial institutions" for these services. The projects include new facilities and equipment.

The new unit will help customers obtain tax-exempt and taxable bond financing, and will provide hedging services to protect against adverse moves in interest rates, the bank said. The group also will provide other financial-advisory services, Mercantile said.

Before joining Mercantile, the bank said, Sakin and Hurdle were managing directors in M&T's Investment Banking Group - formerly part of Allfirst Financial Inc.'s investment banking group. During the past five years, they were involved with deals worth more than $1.5 billion, Mercantile said.

Mercantile shares closed yesterday at $44.10, up 62 cents.

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