SAN FRANCISCO, CA, December 15, 2009 — Wells Fargo & Company (NYSE: WFC) announced it will combine its asset-based lending units as Wells Fargo Capital Finance. The new organization will include the business units of Wachovia Capital Finance, Wells Fargo Business Credit, Wells Fargo Foothill, Wells Fargo Retail Finance, and Wells Fargo Trade Capital.
Wells Fargo Capital Finance will provide traditional asset-based lending, specialized senior secured financing, accounts receivable financing and purchase order financing to companies nationwide. Dedicated teams within Wells Fargo Capital Finance will continue to provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting, timeshare development and others. Combined, the businesses of Wells Fargo Capital Finance have more than 2,300 customer relationships, more than $27 billion in outstanding loans, and more than 1,700 team members.
“Going to market together as Wells Fargo Capital Finance is an important step in our successful integration with Wachovia,” said Peter Schwab, head of Wells Fargo Capital Finance. “Together, our businesses represent an unparalleled range of flexible financing options to help our customers achieve their goals.”
“These businesses have long been a key part of our success,” said David Hoyt, head of Wells Fargo Wholesale Banking. “Bringing them together with Wachovia Capital Finance as one, united organization solidifies our position as a leading provider of commercial finance to companies doing business in the U.S. and worldwide.”
The name will first appear on business cards and marketing materials in coming weeks and then be introduced on other material throughout the next year as the businesses integrate. More information about the new organization and its capabilities can be found at wellsfargocapitalfinance.com/oneteam
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 Foothill, Inc.; Wells Fargo Foothill, LLC; Wells Fargo Retail Finance, LLC; Wells Fargo Retail Finance II, LLC; Wells Fargo Trade Capital, LLC; Wells Fargo Trade Capital Services, Inc.; Wachovia Bank, N.A.; Wachovia Capital Finance Corporation (Central); Wachovia Capital Finance Corporation (New England); and Wachovia Capital Finance Corporation (Western).
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,400 stores and 12,000 ATMs and the Internet (wellsfargo.com) across North America and internationally.
SOURCE: Wells Fargo & Company