Published in
M2 EquityBites
on Friday, 09 May 2008 at
17:30 GMT
Copyright (C) 2008, M2 Communications Ltd.
Wells Fargo & Company (NYSE:WFC), which, through its subsidiaries, operates as a financial services company, reported on 8 May that factoring services, through its Wells Fargo Century subsidiary, and treasury services, through its Global Correspondent Banking division, will be provided to Scotiabank.
With this agreement, the company expands into Latin America, where exports have increased as a result of the Dominican Republic-Central America Free Trade Agreement, while Scotiabank begin to offer pre- and post-export financing through its Commercial Banking Centre in the Dominican Republic, immediately. Factoring provides exporters and distributors with accounts receivable financing that quickens cash flow by lowering the wait period for distributors' payments.
Scotiabank is a North American financial institution and Canada's international bank, offering a diverse range of products and services including personal, commercial, corporate and investment banking. It has USD449bn in assets (as on 31 January 2008) and trades on the Toronto (BNS) and New York Exchange (BNS).
