Financial services giant Wells Fargo & Co. increased its presencein Philadelphia recently when one of its subsidiaries bought most of asset-based lender Sunrock Capital Corp.'s portfolio and acquired its office lease. There could be more to follow for San Francisco-based Wells Fargo, whose prior presence was limited mostly to mortgages.
"This will be really the first direct commercial lending group here for us," said Marty J. McKinley, president of Wells Fargo Business Credit, which is based in Minnesota. Sunrock was a wholly owned subsidiary of Nissho Iwai American Corp. of Japan
Not only does the deal give Wells Fargo local market share, it serves the company's strategic goals, McKinley said. With offices already in New York, Boston and Atlanta, the company needed room to grow. Terms of the deal, which has already closed, weren't disclosed.
