Wells Fargo Unites Canadian Asset-Based Lending Businesses as Part of Wells Fargo Capital FinanceSAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC) announced today it has brought together its asset-based lending units in Canada with that of Wachovia, uniting them under a common trade name as it did with their U.S. affiliates in December 2009. Going forward, Wachovia Capital Finance Corporation (Canada), Wells Fargo Business Credit Canada ULC and Wells Fargo Foothill Canada ULC will now market under the trade name Wells Fargo Capital Finance. The name change reflects Wachovia's continued integration with Wells Fargo, which acquired Wachovia Corporation on Dec. 31, 2008.
"Bringing our Canadian businesses together under this new identity completes the work we began in December, when we first introduced the name in the U.S.," said Peter Schwab, head of Wells Fargo Capital Finance. "Thanks to the merger with Wachovia, we're better positioned than ever before to help Canadian companies achieve their goals."
Wells Fargo Capital Finance will provide a range of flexible financing options from traditional asset-based lending and accounts receivable financing, to custom solutions for industry- and situation-specific needs. Combined, the businesses of Wells Fargo Capital Finance have more than 2,300 customer relationships, more than $26 billion in outstanding loans, and more than 1,700 team members. More information about the new organization and its capabilities can be found at wellsfargocapitalfinance.com/canada.
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.
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) across North America and internationally.
Posted: April 23, 2010
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