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Wells Buys BNP Energy Loan Portfolio

Oil rig, South Africa

From the Financial Times: Wells Fargo has agreed to buy BNP Paribas' North American energy business, one of the biggest transactions to date in the wave of European banks selling assets to strengthen their balance sheets.

The companies announced on Tuesday that Wells, the biggest US bank by market capitalisation, was buying the business, which includes $9.5bn of loans, from BNP, the biggest French bank by assets. Only $3.9bn of the loans are drawn. The acquisition price of the cash deal, which BNP said was a "premium" to the face value, was not disclosed.

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