More than 160 new team members join Wells Fargo as company completes its purchase of certain GE Capital assets
LONDON--(BUSINESS WIRE)--Wells
Fargo & Company (NYSE: WFC) announced today it has completed the
purchase of the Europe, Middle East and Africa (EMEA) segment of GE
Capital’s Commercial Distribution Finance (CDF) business. The
acquisition includes CDF assets, nine offices and 163 team members in
markets across Europe, including Belgium, Finland, France, Germany,
Netherlands, Norway, Sweden and the U.K.
“EMEA is an important region for our CDF business and customers,” said
Maurice Benisty, CEO, CDF International. “This has been a seamless
integration and we continue to provide our customers with excellent
service and support. We’re excited to become part of Wells Fargo and,
over time, offer our customers a broader selection of financial products
and services as we help them become even more financially successful in
the future.”
As previously announced, Wells Fargo agreed to purchase GE Capital’s
CDF, Vendor Finance and a portion of its Corporate Finance businesses.
This was in addition to large components of GE Capital’s rail platforms
and commercial real estate businesses. In March 2016, Wells Fargo
announced it completed the purchase of the North American businesses.
Following the closing of the Asia, Australia and New Zealand portfolios
closing earlier this year, EMEA is the final international segment for
CDF to close and marks the completion of the total acquisition.
“The completion of the GE Capital acquisition is extremely positive for
Wells Fargo, our team members and shareholders. I’m proud of the hard
work that continues to be done by everyone involved to help complete the
transition as smoothly as possible,” said Tim Sloan, Wells Fargo
president and COO. “GE Capital’s businesses are industry leaders that
are supported by exceptionally talented and experienced teams. We’re
thrilled to welcome the new EMEA team members, who now join colleagues
in North America, Asia, Australia and New Zealand, to the stagecoach as
we continue to strengthen our capabilities and customer relationships.”
Wells Fargo currently has 1,100 Wholesale banking team members in EMEA
to serve its corporate, commercial and financial institution customers
doing business across the region. Wells Fargo currently operates 10
lines of business throughout EMEA, including global financial
institutions, global banking, securities, commercial real estate and
asset management.
About Commercial Distribution Finance
In 2015, GE’s Commercial Distribution Finance business provided $47
billion in financing for more than 40,000 dealers and more than 2,000
distributors and manufacturers globally. Now a part of Wells Fargo, 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, the Asia portion of CDF on July 1, 2016, and the
Australia and New Zealand business of CDF on August 1, 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 42 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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financial performance and business. Because forward-looking statements
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.