Wells Fargo shops fire sales amid Europe's banking conflagration
Is turning heads as it cuts deals to buy assets being unloaded by Europe’s troubled banks.No one should be surprised.
And yet some observers appear puzzled that Wells is looking for opportunities amid the financial firestorm raging across Europe.
Today’s scary headlines from the Old World included Bloomberg Television’s report this morning that the credit-default-swap market pegs a 92 percent chance that Greece will default. And Germany was moving quickly to protect its banks against such a default.
Also on Friday, the Wall Street Journal reported that Wells is considering a bid for the private banking business of Belgian bank KBC Group.
The business, called KBL European Private Bankers, operates a network of wealth management services throughout Europe. The business is expected to fetch a lower price than a deal cut in May that fell through amid Europe’s mounting woes.
KBC must sell the unit as part of an agreement with the European Commission to repay government aid extended during the depths of the 2008 financial crisis. For those unfamiliar with successful negotiations, it’s always best to be cutting a deal where the other side is being told by their regulators that they must sell.
Some reports noted that there’s little opportunity for cost-savings in Wells Fargo's possible purchase of KBL given the San Francisco bank’s limited international operations.
Rest assured, Wells Fargo’s possible bid isn’t based on cost-cutting expectations. If the San Francisco bank pursues KBL, the move will be spurred by CEO John Stumpf ’s assessment of long-term growth opportunities, along with getting a good price.
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Wells Fargo & Co. is considering bidding for the private-banking business of Belgian bank KBC Group NV, a person familiar with the situation said Friday. KBC is required to sell the business, called KBL European Private Bankers,
Wells Fargo CEO John Stumpf is looking for good deals amid the financial firestorm raging across Europe. Wells Fargo is turning heads as it cuts deals to buy assets being unloaded by Europe's troubled banks. And yet some observers appear puzzled that
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