Wells Fargo Agrees to Buy Energy-Lending Unit From BNP Paribas

Wells Fargo & Co. (WFC) agreed to buy a North American energy-lending business from BNP Paribas (BNP) SA. Terms weren’t disclosed.

The unit has about 175 customer relationships, almost $9.5 billion of loan commitments and about $3.9 billion in loans outstanding, according to a statement from San Francisco-based Wells Fargo. The unit is the “North American reserve-based and related diversified energy-lending business” of Paris-based BNP Paribas, according to the statement.

Wells Fargo, the largest U.S. home lender, has said it’s interested in buying assets from European banks as they seek to cut risk.

“All BNP Paribas employees who have been part of the energy business being acquired will be given an opportunity to join Wells Fargo,” the company said in the statement.

To contact the reporter on this story: Rick Green in New York at rgreen18@bloomberg.net

To contact the editor responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net

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