Daily News: November 7, 2012

Wells Fargo Expands Wholesale Banking in Canada


Wells Fargo announced it is expanding its wholesale banking capabilities throughout Canada. Wells Fargo said it 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.

“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.”

To read the full news release, click here.