Wells Fargo Completes Acquisition of GMAC’s North American Factoring Portfolio
SAN FRANCISCO — May 3, 2010
Wells Fargo & Company (NYSE: WFC) announced today that Wells Fargo Bank, N.A. has completed its acquisition of the North American factoring portfolio of the Commercial Services Division of GMAC Commercial Finance. The companies agreed to pursue the acquisition on March 23.
The portfolio consists of approximately 150 small and middle-market clients that primarily serve the retail channel, representing approximately $4 billion in annual volume of factored receivables. Wells Fargo Bank has also acquired the client service application system currently used to manage these relationships.
Wells Fargo Bank, N.A. was advised by Wells Fargo Securities.
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Bank, N.A.; Wells Fargo Business Credit, a division of Wells Fargo Bank, N.A.; Wells Fargo Credit, Inc.; Wells Fargo Distribution Finance, LLC; Wells Fargo Capital Finance, Inc.; Wells Fargo Capital Finance, LLC; Wells Fargo Retail Finance, LLC; Wells Fargo Retail Finance II, LLC; Wells Fargo Trade Capital, LLC; Wells Fargo Trade Capital Services, Inc.;Wachovia Capital Finance Corporation (Central); Wachovia Capital Finance Corporation (New England); Wachovia Capital Finance Corporation (Western); and Wells Fargo Capital Finance Corporation Canada. Wells Fargo Capital Finance Corporation Canada (also doing business in Quebec as Société de financement Wells Fargo Capital Canada) is an affiliate of Wells Fargo & Company, a company that is not regulated in Canada as a financial institution, a bank holding company or an insurance company. For more information, visit wellsfargocapitalfinance.com.
Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 stores and 12,000 ATMs and the Internet (wellsfargo.com and wachovia.com) across North America and internationally.