Wells Fargo & Company will combine its asset-based lending units as Wells Fargo Capital Finance. The new organization will include the business units of Wachovia Capital Finance, Wells Fargo Business Credit, Wells Fargo Foothill, Wells Fargo Retail Finance, and Wells Fargo Trade Capital.
Combined, the businesses of Wells Fargo Capital Finance have more than 2,300 customer relationships, more than $27 billion in outstanding loans, and more than 1,700 team members.
Wells Fargo Capital Finance will provide traditional asset-based lending, specialized senior secured financing, accounts receivable financing and purchase order financing to companies nationwide.
Dedicated teams within Wells Fargo Capital Finance will continue to provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting, timeshare development and others.
Peter Schwab, head of Wells Fargo Capital Finance, said: “Going to market together as Wells Fargo Capital Finance is an important step in our successful integration with Wachovia. Together, our businesses represent an unparalleled range of flexible financing options to help our customers achieve their goals.”
David Hoyt, head of Wells Fargo Wholesale Banking, said: “These businesses have long been a key part of our success. Bringing them together with Wachovia Capital Finance as one, united organization solidifies our position as a leading provider of commercial finance to companies doing business in the US and worldwide.”
