Wells Fargo to buy BNP Paribas' energy lending

摘要

Wells Fargo Bank, part of Wells Fargo& Co. (NYSE: WFC), has entered into a definitive agreement to acquire the North American reserve-based and related diversified energy lending business of BNP Paribas SA, Paris, (Euronext Paris: BNP). Terms of the all-cash transaction were not disclosed.Headquartered in Houston, the BNP energy business consists of approximately 175 customer relationships, nearly $9.5 billion of loan commitments, and approximately $3.9 billion in loans outstanding. Some 90% of the portfolio is U.S.-based, with the remainder primarily located in Canada, a market of growing importance for the Wells Fargo Energy group.