SAN FRANCISCO — In addition to announcing the name change of international locations from Wachovia to the Wells Fargo name and brand, the financial institution also reported that its bank business unit has purchased substantially all the North American factoring portfolio of the GMAC Commercial Services Division.

GMAC has been looking to focus more closely on its auto finance division of late, and divesting itself of the portfolio was likely a move in this direction.

According to one report, GMAC listed the division as a "discontinued operation" in fourth quarter results, which likely meant the company was looking to sell the portfolio.

Basically, the Commercial Services Division portfolio included about 150 small and middle-market clients that primarily serve the retail channel, representing about $4 billion in annual volume of so-called factored receivables.

Wells Fargo Bank will also acquire the client service application system currently used to manage the relationships. The portfolio and client service application system will become part of the Trade Capital division of Wells Fargo Capital Finance upon the closing of the transaction. Terms of the purchase were not disclosed.

Basically, a factor is a specialized financial intermediary who purchases accounts receivable at a discount.

"We are pleased to welcome these new clients and their customers to Wells Fargo," said Stuart Brister, president of the Trade Capital division of Wells Fargo Capital Finance.

"We look forward to being able to help them achieve success through the expertise we've gained in more than 50 years in factoring and through all the additional financial products and services Wells Fargo has to offer," he continued.

As for the Wachovia and Wells Fargo merger, discussing the name change, Dave Zuercher, executive vice president and group head of Wells Fargo's international group, said, "Since announcing the Wachovia and Wells Fargo merger, we've been building on each other's strengths and expanding our capabilities to better help our customers. We're proud to serve our global customers as one team. Providing our customers with the same high level of service and helping them succeed financially remains our number one priority."

Most of the former Wachovia international offices will now use the Wells Fargo name and brand on communication materials, including office signage, marketing collateral and stationery. Although many Wachovia overseas offices have apparently converted, some locations will continue to operate under the Wachovia name and convert later this year, officials said.

"We're proud to be a part of Wells Fargo's continued commitment to building lasting banking relationships with leading financial institutions worldwide," noted Michael Heavener, executive vice president and group head of Wachovia's Global Finance Institutions and Trade Services.

"With our legacy extending for over 100 years, we will continue to serve U.S. customers through our overseas offices and network of 4,000 global correspondent banks while offering expanded solutions to help them conduct business," he added.

Ultimately, as of March 20, Wachovia Bank N.A. and Wachovia Bank of Delaware N.A. were combined under one charter — Wells Fargo Bank N.A.