Wells Fargo Agrees to Purchase Burdale from Bank of Ireland
Expands capacity to serve customers doing business in the UK
SAN FRANCISCO--(BUSINESS WIRE)-- In a transaction that will expand its international commercial finance capabilities, Wells Fargo & Company (NYSE: WFC) announced today that Wells Fargo Bank, N.A. has entered into a definitive agreement with Bank of Ireland to acquire Burdale Financial Holdings Limited (Burdale) and the portfolio of Burdale Capital Finance Inc., which represents approximately $1 billion in loans outstanding from U.S. and U.K. customers.
Headquartered in London, Burdale is a leading provider of comprehensive asset-based lending and operates in and across the UK and US markets. Upon completion of the transaction, which is expected to close in early 2012, Burdale will become part of Wells Fargo Capital Finance, the asset-based lending group of Wells Fargo (WFC).
Expanding our asset-based lending business into the U.K. allows us to better meet the international needs of our U.S.-based customers, while continuing to enhance our international asset-based lending platform, said Henry Jordan, chairman and chief executive officer of Wells Fargo Capital Finance. As Wells Fargo continues to evaluate global opportunities, this transaction furthers our efforts and gives us the opportunity to help even more customers achieve their goals.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and Canada. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortunes 2011 rankings of Americas largest corporations. Wells Fargos vision is to satisfy all our customers financial needs and help them succeed financially.
Wells Fargo & Company
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Source: Wells Fargo & CompanyCopyright Business Wire 2011