Bank taps former Deutsche Bank lender to lead private-bank credit services. BNY Mellon Wealth Management has put former Deutsche Bank executive Elizabeth Engel in charge of private-bank lending, a new position at the firm. Creating this role is part of a year-long effort to enhance the wealth manager's banking and credit services to high-net-worth clients in established and new markets.

"Liz's exceptional credit experience and commitment to client service will help ensure her significant contributions to our efforts as we continue to expand our credit and lending capabilities nationwide," says Bill Sappington, head of banking services for BNY Mellon Wealth Management's high-net-worth business. "I am delighted to have a banking professional of her caliber join BNY Mellon Wealth Management."

Credit administration

Sappington joined BNY Mellon from Bear Stearns (now part of JPMorgan Chase), where he was in charge of credit and lending for its private-client group, about a year ago.

Before she moved BNY Mellon, Engel was head of U.S. lending for Deutsche Bank's Private Wealth Management group. Before that, she was head of "financial sponsors lending" at JPMorgan's private bank.

In her new role, New York-based Engel will oversee credit administration and portfolio risk management for BNY Mellon Wealth Management's high-net-worth clients. BNY Mellon Wealth Management has supplied "jumbo" mortgages to its biggest private clients for years.

BNY Mellon Wealth Management, a division of Bank of New York Mellon Corporation, had approximately $158 billion in assets under management at the end of September 2008. -FWR

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