ADVFN - Advanced Financial Network.
HOME» NYSE » W » WFC Stock Price » WFC Stock News

Wells Fargo Share News

 Wells Fargo & Co. (new) Stock Price
WFC Stock Price
 Wells Fargo & Co. (new) Stock Chart
WFC Stock Chart
 Wells Fargo & Co. (new) Stock News
WFC Stock News
 Wells Fargo & Co. (new) Company Information
WFC Company Information
 Wells Fargo & Co. (new) Stock Trades
WFC Stock Trades

Citigroup To Buy Loans From Societe Generale

Citigroup Inc. (C) is buying a portion of Societe Generale SA's (SCGLY, GLE.FR) portfolio of shipping loans, joining the group of U.S. banks buying businesses and assets from shrinking European banks. The two banks said they won't disclose the terms of the deal, and a short statement from Citi only said the two "are committed to working in a coordinated manner in order to make the transition as timely and efficient as possible for the borrowers." A person familiar with the matter said Citi paid $1.3 billion for the loans. The sale was earlier reported by Reuters. Many U.S. bankers have said they're interested in buying assets and businesses European banks are trying to shed in their effort to built capital. While some bankers simply take advantage of better loan pricing as European banks stop competing for borrowers in the U.S., others, particularly Wells Fargo & Co. (WFC), have been aggressively buying portfolios. Competition was strong from U.S. banks for Royal Bank of Scotland Plc's (RBS, RBS.LN) aviation-leasing business, which eventually went to Sumitomo Mitsui Financial Group Inc. (SMFG, 8613.TO). Earlier this week, Eurohypo AG sold $760 million in commercial real estate loans in major markets around the U.S. to U.S. Bancorp (USB), Wells Fargo and Blackstone Group LP (BX) for out 95 cent on the dollar. Wells Fargo Chief Executive John Stumpf and Chief Financial Officer Timothy Sloan have repeatedly said the San Francisco bank--the fourth largest by assets in the U.S.--is looking to buy more U.S. assets from European banks. It got $15 billion of loans when it bought BNP Paribas SA's (BNPQY, BNP.FR) energy lending business, and loans from Allied Irish Banks (AIBYY, ALBK.DB) and Bank of Ireland. Mr. Stumpf told investors in May, "As Europe continues to retreat back to their home countries and divest and so forth, we've been kicking tires and we've actually bought a few things that we really liked." Write to Matthias Rieker at

Stock News for Wells Fargo (WFC)
11/30/201517:21:49Current Report Filing (8-k)
11/30/201511:42:19Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
11/30/201511:34:19Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
11/28/201508:02:023 Bank Stocks All Retirees Should Consider Owning
11/28/201507:16:02What Is a Mortgage Broker, and Should You Use One?
11/27/201512:34:17Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
11/27/201512:30:43Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
11/27/201511:31:39Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
11/27/201503:02:00Big Banks Cut Back On Small Business
11/25/201511:20:06Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
11/24/201515:45:00Wells Fargo to Present at the Goldman Sachs US Financial Services...
11/24/201514:39:00Statement of Changes in Beneficial Ownership (4)
11/24/201514:30:39Statement of Changes in Beneficial Ownership (4)
11/24/201513:28:25Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
11/24/201513:24:10Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
11/24/201513:20:42Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
11/23/201513:35:00Morgan Stanley Hires $5 Billion Team From Credit Suisse -- Street...
11/23/201508:00:09If You're in Your 60s, Consider Buying These 3 Stocks
11/23/201503:02:00Surge In Buybacks Stirs Up Worries -- Abreast Of The Market
11/20/201517:11:31Current Report Filing (8-k)

Wells Fargo and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations