Wells Fargo & Co. completed the purchase of the Asia segment of GE Capital’s Commercial Distribution Finance (CDF) business today, which includes the addition of 46 team members in markets where Wells Fargo currently operates in Asia Pacific, according to a company press release. The Australia and New Zealand segment is expected to close later this year.
Wells Fargo acquired North American GE’s global CDF, North American vendor finance, and portions of its corporate finance platforms in March. The sale totaled $24 billion of loans and $27.4 billion of assets, according to a previous release. The Europe, Middle East, and Africa segment will also close later this year. The total international transactions includes $31 billion of assets.
“We could not be more excited to introduce the banking products that Wells Fargo has to offer all the dealers across CDF,” Jeremy Jansen, president of the motorsports group at CDF, previously told Powersports Finance. “Specific to motorsports, you have this business we’ve built for close to 40 years without having a true banking offer to bring to the dealers, and now we do.”
While CDF’s priorities did not change after the North American acquisition, Jansen said the company would take a “ready, aim, fire” type of approach to the integration of the Wells Fargo banking product.
Wells Fargo currently has 1,450 wholesale banking team members in Asia to serve its corporate, commercial, and financial institution customers doing business across the region. The lender currently operates 12 lines of business throughout Asia.
CDF provided financing to 5,000 dealers nationally, and more than 40,000 dealers and 2,000 manufacturers and distributors globally in 2015.