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GE Money Latvia sold

  • 2011-06-29
  • TBT Staff

GE Money Bank was sold to a Russian firm for an undisclosed amount (photo: GE Money Bank Latvia).

RIGA -- GE Money Latvia, the local branch of General Electric's banking business, has been bought out by Russia's "Otkritie Financial Corporation"

"This is a good deal for GE Capital, and is in line with GE’s overall strategy to reduce the size of its financial services balance sheet while remaining fully committed to a smaller more focused GE Capital," Richard Neff, Chairman of the Supervisory Council, GE Money Latvia, said in a press release.

"We believe this transaction is positive news for GE Money Bank Latvia, and will position the Bank for future growth.”

The amount of money involved in the deal has not been disclosed and finalization is still subject to regulatory approval.

ANOTHER ONE GONE

News of the sale comes alongside the final touches on another major bank sale -- that of Estonia's Hansapank to Swedbank.

The deal, finished on June 28, sees the Latvian and Lithuanian branches of the company become official subsidiaries of Swedbank Estonia.

Just under 250 million euros were paid in dividends ans part of the deal, which marks the final stage of Hansapank's sale to Swedbank.