This acquisition includes GE’s office imaging group…
The following appears on stamfordadvocate.com
General Electric (NYSE: GE) completed the sale of the North American commercial lending and leasing business to Wells Fargo (NYSE: WFC), totaling assets of $31 billion and a workforce numbering 2,800 people at the time of the transfer.
It is the largest sale of a GE Capital business since GE’s announcement in April 2015 to divest much of the Norwalk-based business, with GE having transferred assets totaling $136 billion to date. In January, Wells Fargo bought $4.1 billion in assets of GE Capital’s railcar services unit, making Wells Fargo the largest railcar leasing company in North America.
Wells Fargo’s existing retail banking operations in Fairfield County are the fourth largest as measured by local deposits, at $4.1 billion as of June 2015 for a 10 percent share of the market.
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