SEOUL, Nov. 12 (Korea Bizwire) — The Korean Teachers Credit Union has joined hands with Wells Fargo of the United States to work together in the areas of overseas real estate and energy investment. The credit union said on November 10 that its executives met the top management of Wells Fargo in the bank’s San Francisco headquarters, including senior executive vice president Timothy Sloan, to discuss ways to expand mutual partnership in new investment opportunities.
Wells Fargo and the Korean Teachers Credit Union have maintained close working relationship including the successful sale of the Three First National Plaza in Chicago last month and the 2012 investment in the 333 Market Street building for which the bank provided loans with the building property as collateral. For the two properties, the two shared the annual returns of 12 percent and 17 percent.
Established in 1852, Wells Fargo is the fourth largest banking holding company in the United States. Its assets last year were about US$1.5 trillion. The number of employees reaches 264,000 in 9,000 offices worldwide.
By Sean Chung (firstname.lastname@example.org)