Wells Fargo (WFC) Acquires $730 Million in Loan and Lease Receivables From GE Healthcare Financial Services
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Wells Fargo & Company (NYSE: WFC) has purchased approximately $730 million in loan and lease receivables from GE Healthcare Financial Services - Equipment Finance, a unit of GE Capital (NYSE: GE). The acquired receivables from the business formerly known as HPSC, Inc. are primarily related to the financing of dental and eye care practices and equipment.
Wells Fargo Financial, a unit of Wells Fargo & Company, will manage the receivables through its operating unit Matsco, which serves the financial needs of healthcare professionals in dentistry, veterinary medicine, optometry and ophthalmology.
Wells Fargo & Company is a diversified financial services company with $1.4 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 11,000 stores and the internet (wellsfargo.com) across North America and internationally. [SM]
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