Cambridge Bancorp recently announced two recent hires to head up its new asset-based lending practice.

The parent of Cambridge Trust Co. named Chris O’Connor senior vice president and Peter Coates vice president to the newly formed group.

“The bank made the strategic decision to add asset based lending offerings to our commercial lending practice to further strengthen and diversify our broad set of financing solutions,” President and CEO Denis Sheahan said in a statement. “Chris and Peter’s extensive experience will bring the leadership and depth of knowledge we need to execute our expansion into asset based lending.”

O’Connor has more than 25 years of experience in asset-based lending, most recently as president and COO of Salus Capital Partners, a private retail finance company based in Needham. He also previously started and ran the asset-based lending group at Rockland Trust and worked as executive vice president of business credit at Webster Bank.

Coates has 30 years of experience in asset-based lending. He also recently worked at Salus Capital Partners, along with Citizens Bank, GE Capital, People’s United Bank and HSBC Bank.