Wells Fargo Seeks Investment Firm License from the French Prudential Supervision and Resolution Authority (ACPR)
`Wells Fargo & Company (NYSE: WFC), today announced it has applied for its investment firm license from the French Prudential Supervision and Resolution Authority (Autorité de Contrôle Prudentiel et de Résolution; ACPR), which is responsible for supervising the French banking and insurance sectors. This announcement is part of the company’s Brexit strategy, which is predicated on supporting the capital markets and investment banking needs of Wells Fargo’s customers in a post Brexit environment.
“With Brexit on the horizon, Wells Fargo is committed to providing a transition, which is as seamless as possible, for its markets and investment banking customers within the European Union (EU) and European Economic Area (EEA),” said Alicia Reyes, head of Wells Fargo Securities in Europe, Middle East and Africa. “Wells Fargo has been present in Europe for many decades, and during this time, we have strengthened our relationships with our local authorities and deepened our customer base. Through Wells Fargo Securities Europe, we expect to leverage our network in the region and beyond by establishing a Paris hub in continental Europe.”
Subject to regulatory approval by the ACPR, the investment firm license will be held by Wells Fargo Securities Europe S.A. (WFSE) in Paris, France. It is intended that WFSE - which will be a new subsidiary of Wells Fargo - will offer a range of capital markets and investment banking services to its European and international customers that require access to the EU and the EEA.
“I welcome the decision of Wells Fargo to choose Paris as the hub for its trading activities. The creation of a European hub in Paris for its trading activities will allow Wells Fargo to benefit from the deep liquidity of markets, as well as a positive ecosystem including the strong talent pool in Paris,” said Bruno Le Maire, Minister for Economy and Finances of France.
Authorised and regulated by the UK Financial Conduct Authority (FCA), Wells Fargo Securities International Limited (WFSIL) is currently the Company’s broker dealer in the UK and provides equities; fixed income, currencies sales and trading; futures clearing and execution; debt capital markets origination; and investment banking advisory services to customers within the EU/EEA. Post Brexit, when Britain leaves EU in March 2019, customers from the UK and most non-EU markets will continue to be served in the UK by WFSIL.
Further announcements on Wells Fargo’s Brexit strategy are expected to be made in the near future.
About Wells Fargo Securities
Wells Fargo Securities delivers a comprehensive set of capital markets and advisory products and services, including public debt and equity origination and distribution, investment research, interest rate, commodity and equity risk hedging, mergers and acquisitions advice, prime services, structured lending facilities, foreign exchange services, and municipal bond origination. Wells Fargo Securities consists of nearly 5,000 team members in more than 40 offices across North America, Europe and Asia.
Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, member NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, member FINRA, NFA and SIPC, Wells Fargo Bank, National Association, Wells Fargo Securities International Limited (authorised and regulated by the U.K. FCA), Wells Fargo Securities Asia Limited (licensed by the HK SFC), and Wells Fargo Securities (Japan) Co., Ltd. (registered with the KLFB).
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 7,950 locations, 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 262,000 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.
Jessica Ong, +1 212-214-8242
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
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