Wells Fargo said it will purchase an energy lending business from French banking giant BNP Paribas, according to the San Francisco Business Times.
It’s the San Francisco bank’s latest purchase in a fire sale spurred by Europe's banking conflagration. It won’t be Wells Fargo’s last purchase of European banking assets. The energy lending business Wells is acquiring consists of $9.5 billion in total loan commitments that includes $3.9 billion in outstanding loans to energy companies primarily in two countries that Wells is very comfortable doing business in — the United States and Canada.
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