In what would be its latest asset purchase from a European bank, Wells Fargo & Co. announced after markets closed Tuesday that it is acquiring BNP Paribas' North American energy-lending business in all-cash deal.
Wells did not disclose its purchase price for the unit, which has 175 customer relationships and $9.5 billon of loan commitments.
Though Wells has not made a bank acquisition in more than three years, it has been adding assets through a series of bite-sized deals with European banks that have been deleveraging in order to bolster capital levels. It recently
Its deal for the BNP Paribas unit is expected to close later this year.