Wells Fargo has completed the purchase of the Australian and New Zealand segments of GE Capital’s Commercial Distribution Finance (CDF) business.
The acquisition includes CDF assets, and 123 team members across five sites in Australia, along with CDF assets and seven team members across two sites in New Zealand.
Simon Beckett, CDF business leader for Australia and New Zealand (pictured above) said: “CDF has a long history of serving customers in Australia and New Zealand and those countries remain strategic markets in Wells Fargo’s international business model.”
As previously announced, Wells Fargo agreed to purchase GE Capital’s CDF and Vendor Finance platforms as well as a portion of its Corporate Finance business. Wells Fargo completed the purchase of the North American businesses on March 1, 2016, and completed the Asia segment on July 1, 2016.
The Europe, Middle East and Africa (EMEA) segment is expected to close later this year.
As part of Wells Fargo, CDF will continue to serve dealers and manufacturers from a variety of sectors, including technology, marine, caravans, recreational products, and outdoor power equipment, among others.
With this transaction, Wells Fargo International Finance, LLC is acquiring the CDF assets in Australia, and Wells Fargo International Finance (New Zealand) Limited is acquiring the assets in New Zealand.
Commercial Distribution Finance (CDF) provides financing for more than 40,000 dealers and more than 2,000 distributors and manufacturers globally in 2015. It provides inventory financing solutions, service and intelligence through in-depth industry expertise and commitment. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management, and related financial products.
Wells Fargo acquired the North American business of CDF from GE Capital on March 1, 2016 and the Asia business of CDF on July 1, 2016. The acquisition for the CDF business in EMEA is expected to be completed later this year.
Wells Fargo & Company is a diversified, community-based financial services company with $1.9 trillion USD in assets. Founded in 1852, Wells Fargo delivers banking, insurance, investments, mortgage, and consumer and commercial financial services. Wells Fargo has approximately 268,000 team members in 36 countries and territories.