Wells Fargo Closes Acquisition of BNP Paribas' Lending Business
Wells Fargo Bank, part of Wells Fargo & Company, announced Tuesday it has closed the acquisition of the North American reserved-based and related diversified energy lending business of BNP Paribas.
As a result of the transaction, Wells Fargo adds to its already strong presence in the energy industry, with approximately $9.4 billion of loan commitments, $3.5 billion in loans outstanding at closing, and approximately $300 million of additional financing commitments over the next 60 days. The combined Wells Fargo Energy Group business has more than $30 billion in loan commitments and $11 billion in outstandings. In addition, nearly all of BNP Paribas’ Houston- and Calgary-based employees associated with this energy lending business joined Wells Fargo.
"This acquisition significantly expands our client base, loan portfolio and presence in the industry," said Kyle Hranicky, executive vice president and head of the Houston-based Wells Fargo Energy Group. "We’re very excited that so many talented, experienced people are joining Wells Fargo, and I know that this will result in even greater value for our customers."
Bart Schouest, who was head of BNP Paribas’ North American Oil & Gas lending business, assumes the role of deputy group head of Wells Fargo Energy Group reporting to Hranicky. Schouest will have direct oversight of the Oil & Gas Division and the Large Corporate Energy Division. He has more than 30 years experience in banking, including 25 years in energy lending.
"The expanded Wells Fargo Energy Group will allow us to bring a diverse product platform to an even broader set of customers," said Schouest. "This provides us a tremendous opportunity to expand relationships and value with both Wells Fargo and former BNP Paribas customers, while we continue to earn our place as the premier financial services provider to the energy industry."
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