Wells Fargo Foothill opens Canadian affiliate, hires Sturrock

By Jennifer Chiou

New York, May 3 - Wells Fargo Foothill announced the launch of a new affiliate, Wells Fargo Foothill Canada.

"Foothill has helped make Wells Fargo a leader in providing secured financing to middle-market companies throughout the United States," David Hoyt, senior executive vice president of Wells Fargo's Wholesale Banking Group, said in a news release.

"This new affiliate is a natural expansion of that success as we strive to provide the best service and broadest possible array of our secured lending products for the needs of the Canadian marketplace, as well."

Wells Fargo Foothill Canada will offer credit facilities, from C$10 million to C$1 billion and more, to companies in a range of industries, including manufacturers, wholesalers, distributors and service companies.

In addition, the company will offer dedicated expertise to the specific needs of a variety of specialized industries, including traditional, online and catalog retailers, software and technology, restaurants and other hospitality, media and communications, oil and gas, health care and other commercial finance companies, the agency said.

The company said it also hired veteran lender Mark Sturrock as senior vice president, Canadian director of originations. Sturrock joins Wells Fargo Foothill Canada after a 22-year tenure with the Royal Bank of Canada Financial Group, most recently as managing director, asset based finance.

Part of Wells Fargo & Co., Wells Fargo Foothill provides senior secured financing services to middle-market companies.

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