To fulfil its commitment to apparel finance, ‘Wells Fargo’ has opened a new commercial banking office in New York City to expand its services to the apparel industry.
The new apparel-focused commercial banking team will serve customers alongside Wells Fargo Capital Finance, offering factoring and asset-based lending through import letters of credit and customer credit protection.
“The industry changes daily and you need a lender like Wells Fargo that understands the market, your business and can change with you,” Mr. Christopher Volpe, CFO at United Legwear said.
“Over the past five years, more apparel companies are turning to factoring and asset-based lending to leverage extra cash flow during their cyclical business cycles,” Mr. Kevin Gillespie, executive vice president of Wells Fargo Capital Finance, said.
Wells Fargo & Company was founded in New York in 1852 and is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. It provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs and has offices in 36 countries.
