NEW YORK--(BUSINESS WIRE)--Jun 11, 2019--

Wells Fargo & Company (NYSE: WFC) today announced the sale of Eastdil Secured (Eastdil), its private real estate investment banking division. This follows Eastdil’s management-led recapitalization, in partnership with Guggenheim Investments, on behalf of certain institutional clients, and Temasek, a global investment company headquartered in Singapore. Subsequent to the sale, Wells Fargo will retain the public market real estate investment bankers of Eastdil, who will form the Real Estate, Gaming, Lodging, and Leisure (REGAL) industry coverage group within Corporate & Investment Banking (CIB). Additionally, Wells Fargo will retain a minority ownership interest in Eastdil.

“This newly dedicated Real Estate, Gaming, Lodging, and Leisure investment banking coverage group will leverage partnerships across the bank, with a deep pool of talent and expertise, to serve clients in these key industries and their complex financial needs,” said Rob Engel, co-head of Wells Fargo Corporate & Investment Banking.

The REGAL team will provide a full suite of investment banking and capital markets capabilities including mergers and acquisition advisory solutions, as well as debt and equity origination and structuring. The group will also continue its long-standing partnership with Wells Fargo’s Commercial Real Estate (CRE) group, the top commercial real estate lender in the country with a commercial real estate portfolio totaling approximately $143.5 billion.

The CRE group delivers a comprehensive platform of banking, financing and servicing solutions for commercial real estate companies inclusive of: balance sheet lending; CMBS origination, distribution and loan servicing; agency financing for multifamily assets; financing for real estate investment trusts (REITS); and debt and equity capital for the affordable housing industry.

“The breadth and depth of Wells Fargo’s Commercial Real Estate platform is unmatched in the industry, and our CRE team looks forward to partnering closely with the new REGAL investment banking coverage group to continue delivering a comprehensive and seamless suite of financing solutions and advice to commercial real estate clients,” said Mark Myers, head of Wells Fargo Commercial Real Estate.

Pending regulatory approvals, the transaction is expected to close in the fourth quarter of 2019. Terms of the transaction have not been disclosed. Wells Fargo Securities served as the financial advisor to Wells Fargo with Sullivan & Cromwell LLP serving as legal counsel.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,800 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 37 countries and territories to support customers who conduct business in the global economy. With approximately 259,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Cautionary Statement about Forward-Looking Statements

This News Release may include forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the “Forward-Looking Statements” discussion in Wells Fargo’s most recent Quarterly Report on Form 10-Q as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018, available on its website at  www.sec.gov.

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KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

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SOURCE: Wells Fargo & Company

Copyright Business Wire 2019.

PUB: 06/11/2019 07:00 AM/DISC: 06/11/2019 07:01 AM

Copyright Business Wire 2019.