Wells Fargo Buys GMAC Factoring Business
Wells Fargo agreed to buy the entire North American factoring business of a GMAC subsidiary.
SAN FRANCISCO (
) --
Wells Fargo
(WFC) - Get Report
agreed to buy the entire North American factoring business of a
GMAC
subsidiary.
Financial terms of the deal weren't disclosed.
The portfolio, operated by the commercial services division of GMAC Commercial Finance Group, provides financing to small businesses.
The portfolio consists of about 150 small- and middle-market clients that primarily serve retailers such as
Wal-Mart
(WMT) - Get Report
and
Target
(TGT) - Get Report
, representing about $4 billion in annual volume of factored receivables, Wells Fargo said.
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