Wells Fargo Snaps Up GMAC Factoring Unit

Law360, New York (March 24, 2010, 6:04 PM EDT) -- Banking giant Wells Fargo & Co. revealed Wednesday that it has agreed to acquire most of the North American factoring portfolio of General Motors Acceptance Corp.'s commercial services division, which represents about $4 billion in annual volume of factored receivables.

The San Francisco-based company said it would pick up the portfolio of about 150 small and middle-market clients primarily serving the retail channel, as well as the embattled lender's client service application used to manage those relationships.

The terms of the purchase remained under wraps....
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