Wells Fargo expands wholesale banking services in Canada
TORONTO-- Wells Fargo & Company, a U.S.-based financial services company, is expanding its wholesale banking capabilities throughout Canada. Currently a lender to middle market companies in the U.S., 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 centre 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.”
Along with the Toronto office, the company has offices in Vancouver and Calgary, and approximately 75 team members. With the extension of select wholesale banking services to Canada, Wells Fargo now has teams for commercial banking, commercial real estate, energy and global banking.
Wells Fargo Bank received regulatory approval to operate in Canada as a Schedule III bank on September 28, 2012. Prior to receiving its license, Wells Fargo operated select businesses in Canada, including Business Direct, First Union Rail, Capital Finance and Equipment Finance. Commercial Banking, Global Banking, Commercial Real Estate and the Energy group will be the first lines of business to operate under the new license. As it strengthens its capabilities in Canada, the company says it plans to integrate select pre-existing business lines into the new branch.