Wells Fargo & Company announced July 1 that it completed the purchase of the Asia segment of GE Capital’s Commercial Distribution Finance (CDF) business. The acquisition included 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.