International financial group Wells Fargo has announced the acquisition of the Asian segment of GE Capital’s Commercial Distribution Finance (CDF) division.
The deal includes all CDF assets and 46 staff members all over the Asia-Pacific region, with the exception of Australia and New Zealand, which are expected to follow within the 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, head of GE Capital CDF Asia unit.
“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.”
Wells Fargo agreed to purchase GE Capital’s CDF and Vendor Finance platforms, and part of the Corporate Finance business. In March, Wells Fargo completed the acquisition of GE Capital’s North American division, while the Europe, Middle East and Africa (EMEA) division is expected to be finalized this year.
Wells Fargo has over 1,400 wholesale banking employees all over Asia to serve its corporate, commercial and financial institution clients across the region. It has offices in Beijing, Hong Kong, Seoul, Shanghai, Singapore, Taipei and Tokyo, as well as representative offices in nine other cities.
RELATED LINKS:
Zurich completes regional acquisition
Chinese insurance provider interested in South Korean bank
Thai bank and property developer join forces to create insurance broker
