SAN FRANCISCO, Feb. 13 /CNW/ -- Wells Fargo & Company (NYSE: WFC) said
today it will offer accounts receivable purchase programs and expand its
asset-based finance capabilities to companies throughout Canada through a new
affiliate, Wells Fargo Business Credit Canada ULC.
"Wells Fargo Business Credit is a leader in providing financing to
companies restricted by conventional funding sources," said Marty McKinley,
head of Wells Fargo Business Credit, a division of Wells Fargo Bank N.A. "We
look forward to extending our capabilities to Canadian companies and helping
them access the financing they need to be financially successful."
Wells Fargo Business Credit Canada will offer asset-based credit
facilities to companies with credit needs between $2 million to $20 million.
It will also offer accounts receivable purchase programs to businesses with
monthly sales from $50,000 to $100 million or more.
Wells Fargo Business Credit Canada hired Ronnie Bloom as vice president
of business development, responsible for marketing asset-based financing.
Bloom has nine years of commercial lending experience, most recently as vice
president of business development for Royal Bank of Canada's asset-based
lending division. He was a senior relationship manager with Royal Bank, and
sales and new business manager at TD Canada Trust in its e-commerce division.
He holds a bachelor's degree from Western University in London, Ontario, and
an MBA from McGill University in Montreal.
Wells Fargo Business Credit Canada also hired Andy Dayes as vice
president of business development, responsible for marketing accounts
receivable purchase programs. Dayes has 15 years of experience in the
financial services industry. He co-founded Efficient Capital Corporation (a
boutique corporate finance firm that specializes in securitizing
non-investment grade trade receivables for large and mid-sized Canadian and US
companies), is a former derivatives trader, and founded a managed futures
hedge fund for high-net-worth individuals.
Dayes and Bloom are both located at Wells Fargo Business Credit Canada's
Toronto office in the Canada Trust Tower at Brookfield Place, 161 Bay Street.
Wells Fargo Business Credit Canada joins Wells Fargo Foothill Canada ULC
in providing commercial finance products to Canadian companies. Wells Fargo
Foothill Canada provides senior secured credit facilities from $10 million to
$1 billion or more to companies in a variety of industries. Wells Fargo also
operates across Canada through Wells Fargo Financial Corporation Canada, with
146 stores, provides real estate-secured lending and auto financing in all 10
About Wells Fargo Business Credit Canada
Wells Fargo Business Credit Canada ULC is associated with Wells Fargo &
Company, a company that is not regulated in Canada as a financial institution,
a bank holding company or an insurance holding company
About Wells Fargo & Company
Wells Fargo & Company is a diversified financial services company with
$575 billion in assets, providing banking, insurance, investments, mortgage
and consumer finance to more than 23 million customers from almost 6,000
stores and the internet (wellsfargo.com) across North America and elsewhere
internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one
of two banks worldwide, to have the highest possible credit rating from both
Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services,
For further information:
For further information: Christine Headrick of Wells Fargo & Company,
+1-612-673-8681 Web Site: http://www.wellsfargo.com