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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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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CONTACT:
Wells Fargo & Company
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Kathryn Ellis, 1-415-314-6783
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Jim Rowe, 1-415-396-8216
Jim.Rowe@wellsfargo.com