Wells Fargo, the bank that’s expanding its securities unit to challenge Wall Street competitors, is broadening U.K. commercial property lending as European banks are forced to retreat.
'Coming in now, when there is scarcity of capital, we can start to bank U.K. companies and have a very good chance of developing a long-term relationship', Chip Fedalen, head of institutional and metro-markets at the bank’s commercial real-estate division, said in a telephone interview. 'We want to be there forever'.
Bloomberg reports that Wells Fargo CEO John Stumpf is looking beyond the U.S. after becoming the nation’s leading home-lender, biggest commercial-property servicer and owner of the largest retail-branch network.
The firm is searching for revenue to extend three years of record profits amid weak loan demand and shrinking lending margins, and has purchased debt portfolios from European lenders exiting U.S. markets.
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