Legendary American bank Wells Fargo – which was set up for gold rush pioneers in the 1800s – is moving to Aberdeen to cash in on North Sea oil.
The banking giant’s energy group is expanding into the UK, and has picked the north-east for its first branch.
Kendal Milne, who previously led Barclay’s oil and gas business in the Granite City, has been appointed as managing director to lead the new venture.
Last night he told the Press and Journal that Europe’s energy capital was the natural choice for the firm as it follows its oil and gas customers across the Atlantic.
“The business has a strong history with oil and gas, and it’s the industry’s largest lender in North America,” he said.
“With that experience, the natural extension was to come to the UK, and where better than Aberdeen.”
The bank is an icon in its homeland – but is probably better known here as the unfortunate stagecoach which keeps getting robbed in cowboy films.
But Kyle Hranicky, executive vice-president and head of the Wells Fargo Energy Group, said they are ready to do big business in Scotland – with private companies across the upstream, midstream, downstream, services, and power sectors.
“Wells Fargo’s Energy Group was formed over 40 years ago as a dedicated energy industry financial services provider, and today is one of the largest capital providers to the sector,” he said.
“As our customers’ needs continue to grow outside the US, we see the importance of expanding our capabilities to serve our customers where they do business. Aberdeen being the ‘Oil Capital of Europe’ is an ideal location for that.”
Mr Milne joins the Wells Fargo Energy Group with almost 40 years of experience in banking, of which the last 15 have been in the energy sector in Aberdeen. He formerly spearheaded the growth of DNB Bank’s energy business in the UK.
Mr Hranicky added: “Kendal brings a wealth of expertise to our platform, and we look forward to leveraging his extensive experience in the UK market to our group.
“With his leadership, we will now have greater ability to serve our customers.”
WELLS FARGO: BACKGROUND
Wells Fargo has built up a big reputation in the energy sector – but their current focus is a far cry from their origins in 1850s America.
In New York City on March 18, 1852, Henry Wells, William Fargo and others formed a joint stock company to do banking and express business in California, at the other side of the country.
Wells Fargo & Company’s Express carried cash and important documents through the fastest means available – overseas by sailing ship or steamer, and overland by stagecoach, Pony Express and railroad.
Gold dust, gold bars, gold coins, legal papers, checks, and drafts travelled in the famous green treasure boxes, stored under the stagecoach driver’s seat.
But because they carried the most valuable assets, these sturdy boxes were more prized by highway bandits than anything else– and made them a target for criminals including notorious outlaw Jesse James.
Security for these treasure boxes came from those who were guarding them – the Wells Fargo shotgun messengers.
If thieves were foolhardy enough to try to steal a treasure box in transit, they would find themselves staring down the barrel of a shotgun.
Despite these efforts, one masked highwayman managed to rob 27 stagecoaches — the infamous Black Bart. He served four years in San Quentin then disappeared forever.
Recommended for you
