Wells Fargo sticks to what it knows in overseas push
By Steve Slater and Alexander Smith
LONDON (Reuters) - Wells Fargo & Co (WFC.N: Quote), the world's biggest bank by stock market value, remains on the lookout to buy loan portfolios in Europe but is in no hurry to snap up an ailing bank to speed up its international growth, a senior executive told Reuters.
San Francisco-based Wells Fargo emerged from the financial crisis of 2008-2009 better placed than many rivals and is often touted as a possible buyer of banks around the world.
"A lot of banks have issues that we don't have, so we'll focus on what we're good at," said Tim Sloan, head of wholesale banking. "We're not that interested in acquiring new businesses that we're not familiar with."
In the last three years Wells Fargo has bought a 4 billion pound ($6.4 billion) portfolio of UK commercial real estate loans from Commerzbank AG (CBKG.DE: Quote), paid 690 million euros ($862 million) to buy asset-backed lender Burdale and picked up a North American oil business from BNP Paribas SA (BNPP.PA: Quote), which also gave it an opening into the North Sea oil sector.
"The theme of all the acquisitions is they were good customers and in businesses we were very comfortable with," Sloan said in an interview on Wednesday. "In terms of using our excess capital, those are the types of opportunities that make a lot of sense to us."
The bank has a long history of acquisitions, including the purchase of U.S. bank Wachovia in 2008. Its shares have almost doubled since the start of 2012, potentially making it easier to use its own stock for deals.
INTERNATIONAL GROWTH Continued...