Management Strategies

11:18 AM
Reuters
Reuters
News
Connect Directly
RSS
E-Mail
50%
50%

Wells Fargo Eyes Insurance Sales Acquisitions

Wells Fargo & Co, after a respite from acquisitions following its 2008 purchase of Wachovia Corp, is interested in buying insurance sales businesses, its chief executive said Thursday.

Wells Fargo & Co, after a respite from acquisitions following its 2008 purchase of Wachovia Corp, is interested in buying insurance sales businesses, its chief executive said Thursday.

"I love the insurance distribution business," John Stumpf said at a Sanford C. Bernstein conference for investors.

The San Francisco-based bank is the biggest seller of mortgages, used car loans and middle-market loans in the U.S. and those borrowers "all need insurance," Stumpf said.

He also repeated remarks from bank executives on May 22 that Wells wants to build its retail brokerage and wealth management businesses. He issued the standard warning, however, that the bank will be "very, very careful" on not paying too much for any purchases.

(Reporting By Jed Horowitz; Editing by Gerald E. McCormick)

Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology - August 2014
Modern core systems are emerging as the foundations of effective channel integration and customer engagement initiatives.
Slideshows
Video
Bank Systems & Technology Radio