More than 40 new team members across Asia join Wells Fargo
HONG KONG--(BUSINESS WIRE)--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.
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are based on our current expectations and assumptions regarding the
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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.