FinalCut: It’s Official — Wells Fargo Buys GMAC North American Factoring Portfolio
ABF Journal illustrator, Jerry Gonzalez’ visual interpretation of a top-ranked abfjournal.com news story according to our visitors.
Wells Fargo Bank entered into a definitive agreement to purchase substantially all of the North American factoring portfolio of the Commercial Services Division of GMAC Commercial Finance Group. The portfolio consists of approximately 150 small and middle-market clients that primarily serve the retail channel, representing approximately $4 billion in annual volume of factored receivables.
Wells Fargo Bank will also acquire the client service application system currently used to manage these relationships. The portfolio and client service application system will become part of the Trade Capital division of Wells Fargo Capital Finance upon the closing of the transaction. Terms of the purchase were not disclosed.
“We are pleased to welcome these new clients and their customers to Wells Fargo,” said Stuart Brister, president of the Trade Capital division of Wells Fargo Capital Finance. “We look forward to being able to help them achieve success through the expertise we’ve gained in more than 50 years in factoring and through all the additional financial products and services Wells Fargo has to offer.”
“Wells Fargo is committed to helping small and middle-market businesses succeed,” said Bill Mayer, president of the Commercial & Retail Finance Group at Wells Fargo Capital Finance, of which the Trade Capital division is a part. “Being able to provide continuous service and financing for these clients during these uncertain times is another example of how we deliver on that commitment.”
Wells Fargo Bank was advised by Wells Fargo Securities.