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Wells Fargo Expands Technology Banking Division Nationally

January 16, 2014, 07:00 AM
Filed Under: Technology

Wells Fargo is expanding its Silicon Valley-based Technology Banking Division coast-to-coast. After opening new offices in Boston and Seattle in 2013, the division is planning to expand to New York this year.

“The rapidly expanding technology sector and the wealth around it are driving the country’s economic growth,” said Eric Houser, a 16-year Wells Fargo Commercial Banking veteran based in Silicon Valley who has been named head of the company’s Technology Banking Division, which was established in 1999. “Wells Fargo’s focus is to serve clients from start-up to large corporation.”

Propelled by growing demand nationwide from a wide range of U.S. technology companies, Wells Fargo Technology Banking Division is divided into four Specialty Groups:

  • Technology serves companies from inception through commercialization, global expansion, and liquidity. There are subgroups for Start-up Services, Venture Banking, and Middle Market. Key sectors: software, hardware/networking, semiconductor, internet/digital, media/advertising, and payments.
  • CleanTech serves businesses that manufacture, market or develop clean technology products and services.
  • Life Sciences serve pharmaceutical, medical device, health care information technology, biotech, and diagnostic industries through all stages of growth: from research and development to product launch, commercialization, and global expansion.
  • Venture Fund Services provides financial solutions for venture capital and private equity funds focused on technology industries.

The Technology Banking Division first focused on Northern California and began expansion into other U.S. markets in 2006. Today, nine Technology Banking Division offices nationwide support those Specialty Groups in five U.S. regions: Northern California/Silicon Valley, Southern California, Southwest, Northwest, and East. California locations include San Francisco, San Jose, Palo Alto, Los Angeles, Orange County, and San Diego. A division office is also located in Austin, Texas, and most recently in Boston and Seattle.

All Technology Banking Division offices provide loan, treasury management, deposit, international financial services, and investment banking – among other services – to a broad range of technology companies.

Wells Fargo Commercial Banking serves middle market businesses with annual sales above $20 million and is the No. 1 commercial bank in the markets it serves. In addition to Technology Banking, Specialty Banking Divisions include Food & Agribusiness Banking, Specialty Industry Banking, Government & Institutional Banking, and Regional Commercial Banking.

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