Wells Fargo banks on 'going global' for growth in China

Financial services provider has seen significant rise in Chinese investment in the US over past five to 10 years

Wells Fargo & Co, the United States-based banking and financial service provider, is banking on the growing number of Chinese companies and financial institutions investing abroad for growing its business in China.

Timothy Sloan, senior executive vice-president and group head of wholesale banking at Wells Fargo, said in an interview with China Daily that "international business accounts for about 5 percent of the assets as well as the revenue of Wells Fargo. We expect this (international business) to double in the next five years ... the majority of that growth is going to come from our business in Asia and in particular China".