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Wells Fargo Agrees to Acquire the North American Reserved-Based and Related Diversified Energy Lending Business of BNP Paribas

SAN FRANCISCO - February 21, 2012

Wells Fargo Bank, part of Wells Fargo & Company (NYSE: WFC), today announced that it has entered into a definitive agreement to acquire the North American reserve- based and related diversified energy lending business of BNP Paribas (BNP.PA). Terms of the all cash transaction were not disclosed.

Headquartered in Houston, the BNP energy business consists of approximately 175 customer relationships, nearly $9.5 billion of loan commitments, and approximately $3.9 billion in loans outstanding. Around 90% of the portfolio is U.S.-based, with the remainder primarily located in Canada, a market of growing importance for the Wells Fargo Energy group.

“The acquisition of this established and well-managed business is a unique opportunity for Wells Fargo to continue to grow its industry-leading energy banking business,” said Mike Johnson, head of Wells Fargo’s Corporate Banking Group. “Our combined industry expertise coupled with the breadth and depth of Wells Fargo’s products and services provide an unparalleled platform to help customers achieve greater financial success.”

Upon closing, all BNP Paribas employees who have been part of the energy business being acquired will be given an opportunity to join Wells Fargo.

“We have great respect for Wells Fargo’s energy team and their capabilities and look forward to ensuring a smooth transition while continuing to provide outstanding service to our customers,” said Bart Schouest, head of the North American Oil and Gas lending businesses within Structured Finance for the BNP Paribas.

“The BNP Paribas Energy team is a good cultural fit with the Wells Fargo Energy Group. Both businesses focus on the creation of long-term client relationships and have similar philosophies on lending to the energy space,” added Kyle Hranicky, head of the Houston-based Wells Fargo Energy Group.

The transaction, subject to regulatory approvals and other customary closing conditions, is expected to close in the second quarter of 2012.

About Wells Fargo Energy Group
Headquartered in Houston, Texas, the Wells Fargo Energy Group is an energy finance leader providing integrated financial solutions to public and private companies across the upstream, midstream, downstream, and services sectors. With more than 30 years of experience in the energy industry, the Wells Fargo Energy Group delivers comprehensive debt, advisory, capital markets, and traditional banking solutions to companies of all sizes and in all stages of development. For more about Wells Fargo and energy lending, visit

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (, and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

Alan Elias
(415) 947-3994

Jim Rowe
(415) 396-8216