Wells Fargo completes BNP unit acquisition

Wells Fargo closes on buyout of BNP Paribas' N. American energy lending business

Associated Press

SAN FRANCISCO (AP) -- Wells Fargo & Co. completed its acquisition of BNP Paribas' North American energy lending business, bolstering its foothold in the energy sector.

Terms were not disclosed.

The combined Wells Fargo Energy Group has more than $30 billion in loan commitments and $11 billion in outstanding loans.

Bart Schouest, who headed BNP Paribas' North American oil and gas lending business, will become deputy group head of Wells Fargo Energy Group. Schouest will report to Kyle Hranicky, executive vice president and head of Wells Fargo Energy Group.

Wells Fargo stock gained 36 cents to $33.05 in afternoon trading.

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