Wells Fargo completes acquisition of GE Capital CDF Asia

Wells Fargo & Company announced Friday it has completed the purchase of the Asia segment of GE Capital’s Commercial Distribution Finance business. The acquisition includes CDF assets and 46 team members in markets where Wells Fargo currently operates in Asia Pacific, with the exception of Australia and New Zealand, which are expected to close later this year.

“Asia is an important global market for the CDF business and our customers, and we’re excited to become part of Wells Fargo,” said Chris Wohlert, CDF Asia Business Leader. “We’re confident this will be a seamless integration, and we will continue to provide our customers with excellent service and support. With the strength of Wells Fargo, over time, we can also offer our customers a broader selection of financial products and services to help them be even more financially successful.”

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. In March 2016, Wells Fargo announced it completed the purchase of the North American businesses. The Europe, Middle East and Africa (EMEA) segment will also close later this year.