Citi Private Bank has created a new role of head of sponsor finance for North America, an area where banks provide finance and expertise to private equity and related investments.

Citi Private Bank has created a new role of head of sponsor finance for North America, an area where banks provide finance and expertise to private equity and related investments.

Steve Prostor has been named head of sponsor finance, North America, a role that adds to his existing post as head of syndications at the private bank. The new role means Prostor will manage the origination, structuring, underwriting, syndication and portfolio management activities of Citi Private Bank's global subscription lending business in North America, the bank said in a statement.

Last year, Citi Private Bank’s sponsor finance group extended nearly $8 billion in new subscription finance commitments to private equity managers globally (more than $6 billion in North America).  The team specializes in meeting the financing and wealth management needs of private equity firms and their partners globally by providing liquidity to their funds (subscription line financing), their management companies and the individual partners of the sponsor group.

Prostor previously worked in the sponsor finance group from 2006-2010. Prior to joining Citi Private Bank, he spent 18 years as a corporate banker with PNC, HSBC and Citi, including a total of 10 years covering mid-market private equity sponsors to source portfolio company financing opportunities.

Citi Private Bank has $374 billion in global assets under management.