Monday, December 19, 2011

Wells Fargo buys Irish bank subsidiary

Wells Fargo announced Monday plans to buy a commercial finance subsidiary from the Bank of Ireland.

The San Francisco-based bank will acquire Burdale Financial Holdings Limited and the portfolio from Burdale Capital Finance Inc. Headquartered in London, the companies have more than $1 billion in loans from clients in the U.S. and United Kingdom.

The company said the move is part of the bank's expansion into international markets. Wells has bought three portfolios from Irish banks in the past year.