Wells-Fargo’s New Customer: Dutch MvD
Wells Fargo bank originally made its name in the 1850s, running secure rapid delivery services during the California gold rush. The combination of banking services and their famous red-and-gold stagecoaches proved appealing and successful. Their branches remain a familiar site in California and throughout the American West.
The firm’s latest customer also seeks to combine those 2 services, albeit from a slightly greater distance. The Netherlands currently pays about EUR 200 million to the US government for services like helicopter and fighter pilot training, and the amount is currently booked in one lump sum. If the ministry could pay these costs over time as they were incurred, the additional interest earned while holding on to their money could be significant. To do that, they need a commercial banking agreement in the USA.
Hence a pair of recent agreements. One involves the Dutch MvD and finance ministries, and the USA’s Defense Security Cooperation Agency, which processes all foreign military sales requests. The other is with Wells Fargo Bank, who is still in the business of banking and rapid delivery – with a twist. NIS News.