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Wells Fargo eyes to tap UK, Irish markets

US-based banking firm Wells Fargo & Company is eyeing to move into the Irish and UK markets in a bid to explore banking opportunities.

Irishexaminer reported quoting sources familiar with the development that the US bank has sent its four senior executives to London, in order to explore the trade prospects in the UK and Ireland.

It is yet to be revealed on what kind of plans it has for the Irish and UK markets.

The financial crisis in the US had reportedly forced the bank to look towards other prospective markets. During the economic crisis, the bank was forced to purchase its distressed rival Wachovia, which has representative offices in 20 nations.

Under the guidance of HSBC China former head Richard Yorke, Wells Fargo started a major international expansion and especially in corporate banking, although the bank is traditionally known for retail banking.

For the financial year of 2011, the bank reported net income of $15.9bn (€12.2bn), while deposits were around $920.1bn and loans were to the tune of $769.6bn.