SAN FRANCISCO - April 24, 2012
Wells Fargo Bank, part of Wells Fargo & Company (NYSE: WFC), today announced that it has closed the acquisition of the North American reserved-based and related diversified energy lending business of BNP Paribas (BNP.PA).
As a result of the transaction, Wells Fargo adds to its already strong presence in the energy industry, with approximately $9.4 billion of loan commitments, $3.5 billion in loans outstanding at closing, and approximately $300 million of additional financing commitments over the next 60 days. The combined Wells Fargo Energy Group business has more than $30 billion in loan commitments and $11 billion in outstandings. In addition, nearly all of BNP Paribas’ Houston- and Calgary-based employees associated with this energy lending business joined Wells Fargo.
“This acquisition significantly expands our client base, loan portfolio and presence in the industry,” said Kyle Hranicky, executive vice president and head of the Houston-based Wells Fargo Energy Group. “We’re very excited that so many talented, experienced people are joining Wells Fargo, and I know that this will result in additional product capabilities and even greater value for our customers.”
Bart Schouest, who was head of BNP Paribas’ North American Oil & Gas lending business, assumes the role of deputy group head of Wells Fargo Energy Group reporting to Hranicky. Schouest will have direct oversight of the Oil & Gas Division and the Large Corporate Energy Division. He has more than 30 years experience in banking, including 25 years in energy lending.
“The expanded Wells Fargo Energy Group will allow us to bring a diverse product platform to an even broader set of customers,” said Schouest. “This provides us a tremendous opportunity to expand relationships and value with both Wells Fargo and former BNP Paribas customers, while we continue to earn our place as the premier financial services provider to the energy industry.”
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 www.wellsfargo.com/com/industry/energy.
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 (wellsfargo.com), and other distribution channels across North America and internationally. With more than 272,000 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.