Wells Fargo (WFC) is expanding to serve corporate customers on both sides of the U.S.-Canadian border.
The $1.3 trillion-asset bank said Tuesday it will offer lending, treasury management, foreign exchange and trade services to companies in Canada, to U.S. customers with subsidiaries in the country and to Canadian customers with business in the U.S.
Wells Fargo has operated select businesses in Canada but said it received approval in September from regulators there to expand the services it offers.
Commercial banking, global banking, energy banking and commercial real estate will be the first business lines to operate under the new license, according to the company.
“Canada is a key trading partner to the U.S. and a market where we see more of our commercial and corporate customers doing business,” John Stumpf, Wells Fargo’s chief executive, said in a news release. “With Wells Fargo’s expanded presence and capabilities in Canada, we are better able to provide our customers with the financial resources and support they need to be successful."
Wells Fargo has a combined 75 employees in Vancouver, Calgary, Montreal and Toronto, where its Canadian business is headquartered.
“Through our expanded presence and capabilities, commercial and corporate customers now have in-country banking support – whether they’re doing business here or in the U.S.,” Rick Valade, Wells Fargo’s country manager for Canada, added in a news release.
Foreign loans represented about 5% of Wells Fargo’s loans and about 3% of its assets as of Sept. 30, the company said in its latest quarterly filing with the Securities Exchange Commission.