GE Signs Definitive Agreement With Santander

Share Article

GE (NYSE:GE), through its GE Money and Commercial Finance units has signed definitive agreements with Banco Santander, S.A., for their previously announced transactions.

On March 27, 2008, the parties reached a preliminary, non-binding agreement in which Banco Santander agreed to acquire GE Money's businesses in Germany, Finland and Austria, and its card and auto businesses in the UK. The final agreement includes GE Money's card business in Ireland. At the same time, GE Commercial Finance will acquire Interbanca, the Italian commercial bank assigned to Santander as part of the distribution of assets following the acquisition, together with Royal Bank of Scotland and Fortis, of ABN Amro.

The transactions are each valued at approximately €1 billion, and are subject to the receipt of certain regulatory approvals. The parties anticipate that the deal will close early in the 4th quarter.

About GE Money

With more than $200 billion in assets, GE Money, a unit of General Electric Company (NYSE:GE), is a leading provider of retail; banking and credit services to consumers, retailers and auto dealers in 55 countries around the world. With more than 130 million global customers, GE Money, headquartered in London, UK offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. More information can be found at http://global.gemoney.com.

About GE Commercial Finance

GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $300 billion and is headquartered in Norwalk, Connecticut. GE (NYSE: GE) is Imagination at Work – a diversified technology, media and financial services company focused on solving some of the world's toughest problems. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit http://www.ge.com.

About GE

GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Will Spiers
Visit website