Wells Fargo acquires energy loan portfolio
Wells Fargo acquires energy loan portfolio
Corporate and Investment Banking announced yesterday that Wells Fargo & Co. has agreed to buy its $11 billion loan portfolio, which includes Paris-based BNP’s North American reserve-based and related energy lending business, the Houston Business Journal reported. Wells Fargo corporate banking group head Mike Johnson said the acquisition will help the bank expand its energy banking business. BNP, which has its North American headquarters in Houston, said this acquisition will not affect its energy clients in North America. The deal is expected to close in the second quarter of 2012.
Corporate and Investment Banking announced yesterday that Wells Fargo & Co. has agreed to buy its $11 billion loan portfolio, which includes Paris-based BNP’s North American reserve-based and related energy lending business, the Houston Business Journal reported. Wells Fargo corporate banking group head Mike Johnson said the acquisition will help the bank expand its energy banking business. BNP, which has its North American headquarters in Houston, said this acquisition will not affect its energy clients in North America. The deal is expected to close in the second quarter of 2012.
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