Nakahata takes the helm at California’s IBank

Andrew Nakahata was named to the highest spot on the California Infrastructure and Financial Growth Financial institution simply seven months after becoming a member of the group.

Nakahata left a place as director and western area head of public finance at TD Securities to hitch IBank in March as chief deputy govt director and chief working officer.

Nakahata, who is predicted to be sworn in Oct. 1 as IBank’s govt director and chief govt officer, replaces Scott Wu, who has led IBank since 2019.

“Scott Wu’s visionary management has been instrumental in shaping IBank into a strong engine for financial progress and innovation throughout California,” Nakahata mentioned in a press release. “His unwavering dedication to public service has set a excessive customary. As I step into this position, I achieve this with respect and gratitude for the excessive bar Scott has set, and I sit up for carrying that legacy ahead.”

Previous to working at TD, Nakahata was head of UBS’ western public finance area starting in 2017. Throughout his three many years in public finance, he has held senior positions at Nationwide Public Finance Assure Corp., Citi, JPMorgan and Goldman Sachs.

“Andy’s imaginative and prescient, monetary acumen, and deep understanding of California’s infrastructure wants, make him uniquely certified to construct on IBank’s success,” Wu mentioned in a press release.

“I’m happy with the IBank crew and totally loved my time as govt director/CEO,” Wu mentioned. “I used to be dedicated to leaving IBank in the very best place for achievement and with Andy Nakahata on the helm, I imagine that point has come.”

Underneath Wu’s management, IBank expanded its position in financing vital infrastructure, small enterprise restoration, and local weather resiliency throughout California, in line with IBank’s launch.

Wu secured $2.1 billion in federal funds for small companies, launching local weather and enterprise capital applications, and led IBank to consecutive record-breaking years, in line with IBank.

He “championed initiatives that made IBank extra accessible and attentive to all California communities, guided the group by means of the financial turbulence of the COVID-19 pandemic, and helped safe historic ranges of funding in inexperienced infrastructure and financial improvement,” in line with the discharge.

“Scott led with dedication, innovation, and goal — leaving IBank stronger and higher ready to fulfill the challenges forward,” mentioned Dee Dee Myers, senior advisor to Gov. Gavin Newsom and director of the governor’s workplace of enterprise and financial improvement. “I am deeply grateful for Scott’s service, and I sit up for working with Andy as he leads the IBank crew into the longer term.”