MELBOURNE, AU – August 1, 2016 – Wells Fargo (NYSE: WFC) 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.
Commercial Distribution Finance
Commercial Distribution Finance (CDF) provided financing for more than 40,000 dealers and more than 2,000 distributors and manufacturers globally in 2015. CDF provides inventory financing solutions, service and intelligence through in-depth industry expertise and commitment. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management, and related financial products. Wells Fargo acquired the North American business of CDF from GE Capital on March 1, 2016 and the Asia business of CDF on July 1, 2016. The acquisition for the CDF business in EMEA is expected to be completed later this year. For more information, visit wellsfargo.com/cdf or follow company news via Twitter @WellsFargoCDF.
About Wells Fargo
Wells Fargo & Company is a diversified, community-based financial services company with $1.9 trillion USD in assets. Founded in 1852, Wells Fargo delivers banking, insurance, investments, mortgage, and consumer and commercial financial services. Wells Fargo has approximately 268,000 team members in 36 countries and territories.
Wells Fargo Commercial Distribution Finance is the trade name for certain inventory services of Wells Fargo & Company and its subsidiaries including Wells Fargo International Finance, LLC and Wells Fargo International Finance (Australia) Pty Ltd (collectively, CDF). Wells Fargo International Finance, LLC and Wells Fargo International Finance (Australia) Pty Ltd are subsidiaries of Wells Fargo & Company, a company that is not authorized by the Australian Prudential Regulation Authority (APRA) as an Authorized Deposit-taking Institution (ADI) in Australia or licensed or regulated by the Australian Securities and Investments Commission (ASIC) as an Australian Financial Services License holder.
Wells Fargo Commercial Distribution Finance is the trade name for certain inventory (floor planning) services of Wells Fargo & Company and its subsidiaries including Wells Fargo International Finance (New Zealand) Limited (collectively, CDF). Wells Fargo International Finance (New Zealand) Limited is a subsidiary of Wells Fargo & Company, a company that is not registered with, licensed or regulated by the Reserve Bank of New Zealand (RBNZ) as a registered bank or a non-bank deposit taker in New Zealand.
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