Wells Fargo (WFC) continues to eye acquisitions of niche businesses.
Chief Executive John Stumpf said during an investor conference in New York Thursday that the bank is in the market to buy insurance companies. A key reason: Wells is one of the largest originators of mortgages and used-car loans and that those borrowers all need insurance, he said.
"I love the insurance distribution business," he said at the Sanford C. Bernstein conference.
Stumpf's comments were first
Wells Fargo and some of its competitors have been opting to buy niche businesses rather than whole banks. It has not made a bank acquisition in more than three years, instead striking deals for specialty lenders, insurance brokerages and asset-management firms. In recent months it has either announced or completed deals for