Wells Fargo & Co. continues to click up a gear as it moves toward completing the international acquisition of GE Capital’s Commercial Distribution Finance business this year, which will complement the CDF North American business acquired in March.
Wells Fargo completed its Asia Pacific acquisition today with the purchase of the Australian and New Zealand segments of GE’s CDF business. The acquisition includes CDF assets, 123 team members across five sites in Australia, and seven team members across two sites in New Zealand, according to a company press release.
The Asia Pacific acquisition began with Wells Fargo Commercial Distribution Finance’s completed purchase of the Asia segment in early July, which included the addition of 46 team members. Wells Fargo’s North American acquisition 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 transaction includes $31 billion of assets.
The biggest focus for CDF, post acquisition, is “making sure we continue to service OEMs and dealers the way they are accustomed to being serviced,” Jeremy Jansen, CDF’s president of the motorsports group, told Powersports Finance in July. “This opens up tremendous opportunity for our team members — first and foremost making sure our OEMs and dealers are confident we haven’t missed a beat. The transition to our OEMs and our dealers should be seamless, and — from what I can tell, from voice of feedback — we’ve done a good job of that.”