Company receives license to provide commercial and corporate banking capabilities
TORONTO--(BUSINESS WIRE)-- To better serve its U.S. and Canada-based commercial and corporate customers, Wells Fargo & Company (NYSE: WFC) announced today it is expanding its Wholesale banking capabilities throughout Canada. Currently the leading lender to middle market companies in the U.S., Wells Fargo can now provide expanded lending, treasury management, foreign exchange and trade services to customers in Canada. With its head office in Toronto, the new Canada branch will support Wells Fargo’s existing U.S. customers with subsidiaries in Canada and Canadian customers with business in the U.S., as well as local Canadian companies.
Rick Valade, Wells Fargo Country Manager for Canada (Photo: Business Wire)
“Our customers are at the center of everything we do. We want to be where they are doing business in key locations around the world,” said Wells Fargo Chairman and CEO John Stumpf. “Canada is a key trading partner to the U.S. and a market where we see more of our commercial and corporate customers doing business. With Wells Fargo’s expanded presence and capabilities in Canada, we are better able to provide our customers with the financial resources and support they need to be successful.”
With the extension of select Wholesale banking services to Canada, Wells Fargo now has dedicated teams for Commercial Banking, Commercial Real Estate, Energy and Global Banking. These businesses will be able to directly service and support Canadian clients through Wells Fargo’s Canada branch which includes its head office in Toronto and other offices in Vancouver and Calgary. Specific banking capabilities include:
- Lending – Wells Fargo provides Canadian commercial and corporate borrowers with direct loans and participations in syndications.
- Treasury Management – Wells Fargo provides treasury management services to clients, their customers and supply chain partners in Canada. These services are available in U.S. and Canadian dollars and managed through Wells Fargo’s international treasury management platform.
- International Services – Wells Fargo provides foreign exchange and trade services to Canadian customers on a cross-border basis.
“Through our expanded presence and capabilities, commercial and corporate customers now have in-country banking support - whether they’re doing business here or in the U.S.,” said Rick Valade, Wells Fargo’s country manager for Canada. “Wells Fargo is committed to this market and will continue to invest in our services and capabilities to ensure we are meeting all of our customers’ needs.”
With offices in Toronto, Vancouver, Calgary and Montreal, Wells Fargo & Company has approximately 75 team members in Canada dedicated to serving its customers.
Wells Fargo Bank received regulatory approval to operate in Canada as a Schedule III bank on September 28, 2012. Prior to receiving its license, Wells Fargo operated select businesses in Canada, including Business Direct, First Union Rail, Capital Finance and Equipment Finance. Commercial Banking, Global Banking, Commercial Real Estate and the Energy group will be the first lines of business to operate under the new license. As it continues to strengthen its capabilities in Canada, Wells Fargo plans to integrate select pre-existing business lines into the new branch.
About Wells Fargo & Company
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 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 has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
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Wells Fargo & Company
Kathryn Ellis, 415-314-6783
Source: Wells Fargo & Company