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Wells Fargo buys GE Capital’s CDF biz

ge capital cdfWells Fargo said it has completed the purchase of the Australian and New Zealand segments of GE Capital’s Commercial Distribution Finance (CDF) business. The acquisition includes CDF assets and 123 team members across 5 sites in Australia, along with CDF assets and 7 team members across 2 sites in New Zealand. Wells Fargo agreed to purchase GE Capital’s CDF and Vendor Finance platforms as well as a portion of its corporate finance business. It had completed the purchase of the North American businesses on 1 March 2016, and completed the Asia segment on 1 July 2016. The Europe, Middle East and Africa (EMEA) segment is expected to close later this year. As part of Wells Fargo, CDF will continue to serve dealers and manufacturers from a variety of sectors, including technology, marine, caravans, recreational products, and outdoor power equipment, among others.

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