Wednesday, 17 July 2024
Wells Fargo completes acquisition of GE Capital’s commercial distribution finance business in Australia and New Zealand
Melbourne, Australia -- Wells Fargo announced today it has completed the purchase of the Australian and New Zealand segments of GE Capital’s Commercial Distribution Finance (CDF) business. The acquisition includes CDF assets, and 123 team members across 5 sites in Australia, along with CDF assets and 7 team members across 2 sites in New Zealand.
“CDF has a long history of serving customers in Australia and New Zealand and those countries remain strategic markets in Wells Fargo’s international business model,” said Simon Beckett, CDF business leader for Australia and New Zealand. “We’re excited to be part of the Wells Fargo brand, and continue to provide our customers with excellent service and support.”
As previously announced, Wells Fargo agreed to purchase GE Capital’s CDF and Vendor Finance platforms as well as a portion of its Corporate Finance business. Wells Fargo completed the purchase of the North American businesses on March 1, 2016, and completed the Asia segment on July 1, 2016. The Europe, Middle East and Africa (EMEA) segment is expected to close later this year.
As part of Wells Fargo, CDF will continue to serve dealers and manufacturers from a variety of sectors, including technology, marine, caravans, recreational products, and outdoor power equipment, among others.
With this transaction, Wells Fargo International Finance, LLC is acquiring the CDF assets in Australia, and Wells Fargo International Finance (New Zealand) Limited is acquiring the assets in New Zealand.
Re-disseminated by The Asian Banker
