Monday, June 25, 2012

Wells Fargo buys loan portfolio from struggling German bank

Wells Fargo announced Monday that it will buy a $6 billion loan portfolio from struggling German commercial bank WestLB AG.

The terms of the deal for the subscription finance portfolio were not disclosed. Subscription finance involves lending to investment firms, primarily private equity and real estate investment groups, who are making deals that have commitments from institutional investors.

Eight employees and the head of WestLB's subscription finance group will move over to Wells Fargo. The deal is expected to close by the end of the quarter.

WestLB has been breaking apart since December, when the European Commission ordered it to close, according to the Financial Times.

4 comments:

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Good move. The Krauts' economy is the only viable one left in Europe.

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