Wells Fargo CFO Sees Promise in 'Selective Acquisitions'

Wells Fargo & Co (WFC: 30.60, +0.50, +1.65%) can continue to grow through "selective acquisitions" as European banks shed loans and business units, the bank's chief financial officer said on Wednesday.

In 2011, the fourth-largest U.S. bank bought $3 billion in U.S. commercial loans from Irish banks and purchased asset-based lender Burdale Capital Finance Inc. Last month, it agreed to buy BNP Paribas SA's energy lending business in a deal that is expected to close in the second quarter.

The San Francisco-based bank has capitalized on opportunities to buy loans and businesses from European banks forced to met higher capital requirements.

"We haven't seen any reduction in the rate at which acquisition opportunities are occurring out there," Wells Fargo Chief Financial Officer Tim Sloan said at an investor conference in New York.

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- Posted: 2012-03-07 11:42:15

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