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Wells Fargo Integrates Canadian Asset-based Lending Units

Wells Fargo has brought together its asset-based lending units in Canada with that of Wachovia, uniting them under a common trade name as it did with their US affiliates in December 2009.

Following this change, Wachovia Capital Finance (Canada), Wells Fargo Business Credit Canada and Wells Fargo Foothill Canada will now market under the trade name Wells Fargo Capital Finance. The name change reflects Wachovia’s integration with Wells Fargo, which acquired Wachovia on December 31, 2008.

Wells Fargo Capital Finance will provide a range of financing options from traditional asset-based lending and accounts receivable financing, to custom solutions for industry- and situation-specific needs. Combined, the businesses of Wells Fargo Capital Finance have more than 2,300 customer relationships, more than $26bn in outstanding loans, and more than 1,700 team members.

Peter Schwab, head of Wells Fargo Capital Finance, said: “Bringing our Canadian businesses together under this new identity completes the work we began in December, when we first introduced the name in the US. Thanks to the merger with Wachovia, we’re better positioned than ever before to help Canadian companies achieve their goals.”