Wells Fargo would still like to acquire more of GE Capital’s lending assets, but expects competition to be tough, the bank’s CFO said during an earnings call Tuesday.
GE announced in April that it would be selling off most of its lending operations, including its commercial lending business, the largest provider of floorplan financing in the marine industry.
Wells Fargo, along with Blackstone LP, bought $9 billion in property loans from GE earlier this year and is pursuing other portions of the portfolio, reportedly including the commercial lending operations.
Wells Fargo CFO John Shrewsberry said other non-bank buyers may be more motivated to purchase the GE operations, with their systems and staff in place, than an existing bank, the Wall Street Journal reported.
The sales of GE portfolios are “very competitive” since many potential buyers view them as the “biggest opportunity in a long time,” Mr. Shrewsberry said.