Wells Fargo expands commercial banking in Canada
November 7, 2012 2:00 AM EST
Wells Fargo & Co
The San Francisco-based bank said it received regulatory approval for the expansion in September. The bank previously had select businesses in the country, but under its new license will now have commercial banking, global banking, commercial real estate and energy banking businesses in Canada.
The bank said it will aim to serve existing U.S. customers with subsidiaries in Canada, Canadian companies with business in the United States and local Canadian companies. Wells has about 75 employees in offices in Toronto, Vancouver, Calgary and Montreal.
"Canada is a key trading partner to the U.S. and a market where we see more of our commercial and corporate customers doing business," Wells CEO John Stumpf said in a statement.
As of June 30, foreign loans equaled about 5 percent of Wells Fargo's total loans and 3 percent of total assets, the bank said in its most recent quarterly securities filing.
Wells Fargo shares rose 14 cents in morning trading to $34.16. (Reporting By Rick Rothacker in Charlotte, North Carolina; Editing by Maureen Bavdek)
Most Popular Slideshows
- Still The World Champions: Team USA Overpowers Serbia, 129-92 To Win 2014 FIBA World Cup [PHOTOS]
- Pope Francis: World War III Has Started On Piecemeal
- After Win Over Maidana, Mayweather Says He Is Prepared To Negotiate A Fight With Pacquiao
- From Fat To Fit: Celebrities Who Were Overweight Before They Became The Beauties That They Are
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Google Release Roundup: Nexus 5 2014, Nexus 6, Nexus 8 and Android L Killer Features
- Samsung Attacks iPhone 6 Plus Through New Galaxy Note 4 Commercial: Apple Claims Imitating Galaxy Note Phablets
- Pregnant Kate Middleton May Call Off Malta Trip Due To Sickness: Royal Couple Will Move To Anmer Hall Residence
- iPhone 6 And IPhone 6 Plus Sold Out, New Stocks To Arrive In October
- Moto G (Gen 2) vs. Xiaomi Redmi 1S—Specifications, Features And Price Showdown
- Nexus 6, 8 Release Dates Imminent as Moto X Pre-Order Begins & Nexus 7 Deals Ramp Up
- iPhone 6 And iPhone 6 Plus Shipping Has Begun, Expected To Reach Customers’ Doorstep On Sept 19 Launch Date