Wells Fargo & Company has completed the purchase of the Asia segment of GE Capital’s Commercial Distribution Finance (CDF) business. The acquisition includes CDF assets and 46 team members in markets where Wells Fargo currently operates in Asia Pacific, with the exception of Australia and New Zealand, which are expected to close later this year.
Commercial Distribution Finance is one of the largest inventory financing providers for distributors and manufacturers and specializes in lawn and garden equipment. This news is part of a trend of Wells Fargo purchasing the business from GE Capital. Wells Fargo acquired the North American division of CDF in March, just closed this deal on Asia, and plans to acquire CDF’s businesses in Australia, New Zealand and EMEA (Europe, Middle East, Africa) by year’s end.
“Asia is an important global market for the CDF business and our customers, and we’re excited to become part of Wells Fargo,” said Chris Wohlert, CDF Asia Business Leader. “We’re confident this will be a seamless integration, and we will continue to provide our customers with excellent service and support. With the strength of Wells Fargo, over time, we can also offer our customers a broader selection of financial products and services to help them be even more financially successful.”
Commercial Distribution Finance (CDF) provided financing for more than 40,000 dealers and more than 2,000 distributors and manufacturers globally in 2015. CDF provides inventory financing solutions, service and intelligence through in-depth industry expertise and commitment. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management, and related financial products.
