Wells Fargo’s Corporate Banking head Mike Johnson said that the acquisition coupled with the company’s products and services will provide its customers with an unparalleled platform to achieve increased financial success.
The deal, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the second quarter of 2012.
After completion of the deal, all BNP Paribas employees engaged in the energy business will be given an opportunity to join Wells Fargo.
BNP’s Houston-based energy business consists of 175 customer relationships, $9.5bn of loan commitments and about $3.9bn in loans outstanding. Its major portfolio of around 90% is based in US, while the rest in Canada, where Wells is keen to strengthen its market position, said the firm.
