The FINANCIAL -- Wells Fargo Bank, part of Wells Fargo & Company announced that it has entered into a definitive agreement to acquire the North American reserve- based and related diversified energy lending business of BNP Paribas .

According to Wells Fargo, terms of the all cash transaction were not disclosed.

Headquartered in Houston, the BNP energy business consists of approximately 175 customer relationships, nearly $9.5 billion of loan commitments, and approximately $3.9 billion in loans outstanding. Around 90% of the portfolio is U.S.-based, with the remainder primarily located in Canada, a market of growing importance for the Wells Fargo Energy group.

Upon closing, all BNP Paribas employees who have been part of the energy business being acquired will be given an opportunity to join Wells Fargo.

The transaction, subject to regulatory approvals and other customary closing conditions, is expected to close in the second quarter of 2012.

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