Wells Fargo seeks 'selective acquisitions' |
Bizjournals - Mar 8, 2012 |
Wells Fargo & Co. said Wednesday that it is on the hunt for “selective acquisitions,” as fire sales emerge amid Europe’s financial conflagration.
“What we are seeing is a really good opportunity to be able to purchase assets from European banks that need to increase their capital levels,” Wells Fargo’s (NYSE: WFC) Chief Financial Officer Tim Sloan said at the Citi (NYSE: C) Financial Services Conference in New York. “We haven’t seen any reduction in the rate at which acquisition opportunities are recurring out there.”
Wells has been on a shopping spree, recently picking up BNP Paribas’ Houston-based energy-lending business and its $9.5 billion in loan commitments, primarily to U.S. companies. In addition to the unit’s lending business, one can be certain that Wells will seek to sell a range of other banking services to these borrowers.
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- Posted: 2012-03-08 13:29:20
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