Wells Fargo aquires GE Capital's Commercial Distribution Finance, Vendor Finance businesses

Wells Fargo has completed the purchase of the North American portions of GE Capital's Commercial Distribution Finance and Vendor Finance businesses, as well as a portion of its Corporate Finance businesses, totalling around $27.4bn in assets, including about $24bn of loans. Wells Fargo's President, Tim Sloan, said "the completion of this transaction strengthens our capabilities and deepens out customers relationships in key commercial lending markets across the US and Canada". 

Shelley Cryan / Shelley Cryan

General Electric (NYSE: GE) completed the sale of the North American commercial lending and leasing business to Wells Fargo (NYSE: WFC), totaling assets of $31 billion and a workforce numbering 2,800 people at the time of the transfer.

It is the largest sale of a GE Capital business since GE’s announcement in April 2015 to divest much of the Norwalk-based business, with GE having transferred assets totaling $136 billion to date. In January, Wells Fargo bought $4.1 billion in assets of GE Capital’s railcar services unit, making Wells Fargo the largest railcar leasing company in North America.