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Wells Fargo, TD Explore Bids for GE U.S. Lending Assets, Bloomberg

June 12, 2015, 07:10 AM
Filed Under: Industry News

Bloomberg reported Wells Fargo and Toronto-Dominion Bank are exploring offers for a batch of U.S. commercial-lending businesses.

According to the Bloomberg report, Capital One Financial Corp. and U.S. Bancorp are also weighing bids for the businesses that together have about $40 billion in loans, said people who asked not to be identified because the process is private.

The Bloomberg reports states the lenders have signed non-disclosure agreements to review financial information about four business lines - direct corporate lending, inventory finance, equipment leasing and transportation finance, the people said.

Bloomberg further reported that GE will let bidders make offers for one or multiple businesses, one of the people said and that it will tell potential buyers this week when initial bids are due.

To read the full Bloomberg report, click here.

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