March 2, 2016 Comments Off on Wells Fargo Completes $27.4B Deal With GE Capital Views: 2326 California News, National News

Wells Fargo Completes $27.4B Deal With GE Capital

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.

Read More at The Business Journals

Connect with Wells Fargo

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: , ,

Comments are closed.