Wells Fargo Activity Totals $1.1 billion on Combined Basis in 2011
WASHINGTON, April 10, 2012 /PRNewswire-USNewswire/ -- Wells Fargo & Company (NYSE: WFC) will receive the Lender of the Year award from the Export-Import Bank of the United States (Ex-Im Bank). The award will be presented at the Bank's 37th Annual Conference, "Ex-Im –Your Competitive Edge," on April 12 in Washington, D.C
Wells Fargo, through its international group, was the largest user of Ex-Im Bank's Working Capital Guarantee Program (Working Capital) in 2011, and has consistently been among the top five most active users of the program. In FY 2011, Wells Fargo's use of the Bank's Working Capital product totaled 65 transactions totaling more than $380 million, with $259 million going to small businesses.
"Our working capital division's experience with Wells Fargo has been outstanding," said Fred P. Hochberg, chairman and president of Ex-Im Bank. "Wells Fargo has been an excellent partner throughout the years, and they have contributed greatly to the growth of the program. Together, we will continue to work hard to ensure our nation's small and medium-sized business owners continue to have access to export financing."
"By working with Ex-Im Bank, we can continue to provide our customers with the trade financing they need to expand the global reach of their businesses," said Richard Yorke, head of Wells Fargo's international group. "We are honored to accept this award and look forward to continuing our longstanding relationship with Ex-Im Bank."
Collectively, Wells Fargo's activity with Ex-Im Bank in 2011 totaled $1.1 billion, of which approximately $407 million, including Working Capital, benefited small businesses.
Ex-Im Bank's 2012 Annual Conference will feature prominent members of the business and government community including President Bill Clinton, Founder, William J. Clinton Foundation and 42nd President of the United States; Mayor of Chicago Rahm Emanuel; Jeffrey Sachs, director of the Earth Institute at Columbia University; Commerce Secretary John Bryson; David Rubenstein, co-founder and managing director of The Carlyle Group; and Dean Oskvig, president and CEO of Black & Veatch's global energy business. A full listing of speakers, panelists, and moderators is available on Ex-Im's website.
About Ex-Im Bank: Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved $32.7 billion in total authorizations in FY 2011 -- an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales -- also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country. Persons interested in applying for positions in Ex-Im Bank regional offices can go the careers section at Exim.gov. For more information, visit www.exim.gov.