change hands
The auto financing business of GE
Money in the UK is to change hands as part of a wider deal, it
was announced.
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Banco Santander is to acquire the unit, along with GE Money’s UK
card business and the GE Money operations in Austria, Finland, and
Germany, which have combined assets of €9bn (£7.1bn) and are valued
at €1bn (£790m). The businesses acquired from GE will become parts
of Santander
Consumer Finance and Santander Cards.
In return, GE
Commercial Finance is to acquire Interbanca from Santander.
Interbanca came under the Spanish bank’s ownership after the
parcelling out of the assets of ABN Amro, which Santander jointly
bought in partnership with Royal Bank of Scotland and Fortis.
Magda Salarich, senior executive vice-president and head of
Santander Consumer Finance said: “This transaction will enable
Banco Santander to continue consolidating Santander Consumer
Finance as a European leader in consumer finance.”
Final discussions between the two financial giants are still
underway, with completion of the deal subject to the two sides
reaching a definitive agreement and obtaining the necessary
regulatory approvals, Santander said.
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By GlobalDataBoth GE Money and Santander declined to comment further on the
deal.
Motor Finance Issue: 41 – March 08
Published for the web: March 28 08 17:17
Last Updated: March 28 08 17:23
