Wells Fargo Completes Sale of Shareowner Services Business

Wells Fargo Completes Sale of Shareowner Services Business

Wells Fargo Completes Sale of Shareowner Services Business

The FINANCIAL -- Wells Fargo & Company announced on February 1 it has completed the sale of its Shareowner Services business to Equiniti Group plc.

Wells Fargo Shareowner Services (WFSS), previously a business of Wells Fargo Bank, N.A., provided shareowner services in the U.S., including stock transfer agent, corporate action and investment plan services. More than 400 of Wells Fargo’s seasoned team of professionals who were part of Shareowner Services are transitioning to Equiniti, according to Wells Fargo.

“The completion of this transaction is the latest step in our ongoing efforts to sharpen our focus on the core areas of our business,” said Ed Blakey, head of Wells Fargo Commercial Capital. “I am grateful that the extremely talented group of Shareowner Services team members will join an organization that is primed for growth in the U.S.”

Equiniti is a London-based, publicly listed company [EQN.L] and a leading provider of sophisticated technology, administration, processing and payment services solutions.

Annual operating results for WFSS were not material to Wells Fargo.