Wells Fargo Completes Acquisition of GE Capital’s Commercial Distribution Finance Business in Asia
July 01 2016 - 12:54AM
Business Wire
More than 40 new team members across Asia join
Wells Fargo
Wells Fargo & Company (NYSE:WFC) announced today it has
completed the purchase of the Asia segment of GE Capital’s
Commercial Distribution Finance (CDF) business. The
acquisition includes CDF assets and 46 team members in markets
where Wells Fargo currently operates in Asia Pacific, with the
exception of Australia and New Zealand, which are expected to close
later this year.
“Asia is an important global market for the CDF business and our
customers, and we’re excited to become part of Wells Fargo,” said
Chris Wohlert, CDF Asia Business Leader. “We’re confident this will
be a seamless integration, and we will continue to provide our
customers with excellent service and support. With the strength of
Wells Fargo, over time, we can also offer our customers a broader
selection of financial products and services to help them be even
more financially successful.”
As previously announced, Wells Fargo agreed to purchase GE
Capital’s CDF and Vendor Finance platforms as well as a portion of
its Corporate Finance business. In March 2016, Wells Fargo
announced it completed the purchase of the North American
businesses. The Europe, Middle East and Africa (EMEA) segment will
also close later this year.
Wells Fargo currently has 1,450 Wholesale banking team members
in Asia to serve its corporate, commercial and financial
institution customers doing business across the region. With
branches in Beijing, Hong Kong, Seoul, Shanghai, Singapore, Taipei
and Tokyo, and representative offices in nine other cities, Wells
Fargo currently operates 12 lines of business throughout Asia.
Commercial Distribution Finance
Commercial Distribution Finance (CDF) provided financing for
more than 40,000 dealers and more than 2,000 distributors and
manufacturers globally in 2015. CDF provides inventory financing
solutions, service and intelligence through in-depth industry
expertise and commitment. Programs include inventory and accounts
receivable financing, asset-based lending, private label financing,
collateral management, and related financial products. Wells Fargo
acquired the North American business of CDF from GE Capital on
March 1, 2016 and the Asia business of CDF on July 1, 2016. The
acquisition for the other international CDF business in Australia,
New Zealand and EMEA is expected to be completed in the remainder
of 2016. For more information, visit wellsfargo.com/cdf or follow
company news via Twitter @WellsFargoCDF.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a diversified,
community-based financial services company with $1.8 trillion in
assets. Founded in 1852 and headquartered in San Francisco, Wells
Fargo provides banking, insurance, investments, mortgage, and
consumer and commercial finance through 8,800 locations, 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 36 countries and territories to support customers who
conduct business in the global economy. With approximately 269,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 27 on
Fortune’s 2016 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy our customers’ financial needs and
help them succeed financially. Wells Fargo perspectives are also
available at Wells Fargo Blogs and Wells Fargo Stories.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our
future financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the discussion under “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2015 as
filed with the Securities and Exchange Commission and available on
its website at www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20160630006460/en/
Wells Fargo & CompanyMediaKathryn Ellis,
1-415-314-6783Kathryn.d.ellis@wellsfargo.com@KatieEllisWFInvestor
RelationsJim Rowe, 1-415-396-8216Jim.Rowe@wellsfargo.com
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