Business & Finance
Business and Finance
Business and Finance
Tue, January 6, 2009
Mon, January 5, 2009 Wells Fargo Purchases Loan and Lease Receivables from GE Healthcare Financial Services " Equipment Finance
DES MOINES, Iowa--([ BUSINESS WIRE ])--Wells Fargo & Company (NYSE:WFC) has purchased approximately $730 million in loan and lease receivables from GE Healthcare Financial Services – Equipment Finance, a unit of GE Capital. The acquired receivables from the business formerly known as HPSC, Inc. are primarily related to the financing of dental and eye care practices and equipment.
Wells Fargo Financial, a unit of Wells Fargo & Company, will manage the receivables through its operating unit Matsco, which serves the financial needs of healthcare professionals in dentistry, veterinary medicine, optometry and ophthalmology.
"We're already a lender of choice for many healthcare professionals, and this acquisition further solidifies Matsco as the premier provider of financial services for the dental and eye care segment," said Greg Janasko, head of the Wells Fargo Financial commercial business group.
The transaction closed Dec. 31. The sale involved receivables and customer relationships only; no facilities or employees were a part of the transaction.
"We look forward to offering these new customers the outstanding service and broad range of products that Matsco and Wells Fargo are known for," said Allison Farey, Matsco president. "Matsco becomes a leading lender for customers in the dental and eye care sectors with our acquisition of these receivables. We view this as an area with great potential for future growth."
Wells Fargo & Company is a diversified financial services company with $1.4 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 11,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. has the highest possible credit rating, "Aaa," from Moody's Investors Service and the highest credit rating given to a U.S. bank, "AA+," from Standard & Poor's Ratings Services.
GE Healthcare Financial Services – Equipment Finance, a unit of GE Capital, is a global provider of capital, financial solutions and related services to hospitals, health systems, outpatient service providers, and medical manufacturers and distributors. GE (NYSE:GE) is Imagination at Work – a diversified technology, media and financial services company focused on solving some of the world's toughest problems. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit [ www.ge.com ].
