Wells Fargo (WFC) Confirms Purchase of North American Reserved-Based and Related Lending Unit from BNP Paribas
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Wells Fargo Bank, part of Wells Fargo & Company (NYSE: WFC), today announced that it has entered into a definitive agreement to acquire the North American reserve-based and related diversified energy lending business of BNP Paribas (BNP.PA). Terms of the all cash transaction were not disclosed.
Headquartered in Houston, the BNP energy business consists of approximately 175 customer relationships, nearly $9.5 billion of loan commitments, and approximately $3.9 billion in loans outstanding. Around 90% of the portfolio is U.S.-based, with the remainder primarily located in Canada, a market of growing importance for the Wells Fargo Energy group.
Upon closing, all BNP Paribas employees who have been part of the energy business being acquired will be given an opportunity to join Wells Fargo.
Headquartered in Houston, the BNP energy business consists of approximately 175 customer relationships, nearly $9.5 billion of loan commitments, and approximately $3.9 billion in loans outstanding. Around 90% of the portfolio is U.S.-based, with the remainder primarily located in Canada, a market of growing importance for the Wells Fargo Energy group.
Upon closing, all BNP Paribas employees who have been part of the energy business being acquired will be given an opportunity to join Wells Fargo.
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