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)
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