GE Money Bank could give up its banking license

RIGA - GE Money Bank is considering giving up its banking license as one of the potential scenarios for exiting the Latvian market, newspaper Biznes&Baltija reports.

GE Money Bank parent company “GE Capital” announced its intention of leaving the Latvian market more than a year ago. The bank was to be sold to Russian financial corporation “Otkritie,” but the Financial and Capital Market Commission did not allow the deal.

Alongside reviewing strategic opportunities for exiting the Latvian market in a well-thought-out and responsible manner, the bank continues its everyday operations, the bank's representative Janis Beseris informed Nozare.lv.

According to GE Money Bank report for 2012, selling the bank remains the main priority. The alternative scenario envisages refusing the banking license and transfer of liabilities on to another bank. In this case, the bank's assets or part of them could be sold, writes Biznes&Baltija.