Wells and Fargo Co agreed to purchase the twenty-nine loans incurred by ING Real Estate Finance debt. Amounting to a total of US$1.6 billion, the undeclared amount in ING's statement represents half of its total loan portfolio in the United States.
The said payments to the ING's loans are considered current according to a statement recently released by ING. Meanwhile, in a statement released by Michael Shields, ING managing director and head, "This divestment is a result of the successful execution of our strategy to capitalize on current robust U.S. market conditions to generate strong interest in the loan portfolio among a high-quality pool of potential buyers."
In relation, Wells Fargo head Mark Myers also released a statement saying, "Many of our existing customers have loans in this portfolio, as well, and we look forward to meeting the needs of those customers while strengthening our Commercial Real Estate business through this acquisition."
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