Wells Fargo & Co. this week said it would enter the fleet leasing business by buying Greater Midwest Leasing Co. of Minneapolis.

The acquisition, which is expected to close by June 30, would mark the formation of a new business line for the $201.4 billion-asset bank. The new unit, to be called Wells Fargo Fleet Leasing Services, would offer fleet leasing and management services to businesses with up to 500 vehicles, the bank said.

Wells will make additional fleet company acquisitions, said Richard T. Schliesmann, president of Wells Fargo's auto finance division. Terms of deal were not disclosed.

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