March 2, 2016
San Francisco-based Wells Fargo & Company completed the purchase of the North American portions of GE Capital’s Commercial Distribution Finance and Vendor Finance businesses, as well as a some of its Corporate Finance business. The transaction totals $27.4 billion of assets, including approximately $24 billion of loans.
Once the remaining international assets are folded in later this year, it will bring some $31-billion in assets to Wells Fargo, as well as roughly 2,800 employees. Fairfield, CT-based GE plans to focus on its industrial businesses, after selling GE Capital’s assets.
Wells Fargo says the acquisition strengthens its capabilities and deepens customer relationships in key commercial lending markets across the U.S. and Canada.