Wells Fargo has completed the purchase of the Australian and New Zealand segments of GE Capital’s Commercial Distribution Finance business, the company announced Monday. The acquisition includes CDF assets, and 123 team members across 5 sites in Australia, along with CDF assets and 7 team members across 2 sites in New Zealand.
“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,” said Simon Beckett, CDF business leader for Australia and New Zealand. “We’re excited to be part of the Wells Fargo brand, and continue to provide our customers with excellent service and support.”
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.