(28th of June 2011): GE Capital announced today an agreement to sell GE Money Bank Latvia to OTKRITIE Financial Corporation JSC, for an undisclosed amount. The deal is subject to regulatory approval,and the parties anticipate closing in the next few months.
Richard Neff, Chairman of the Supervisory Council, GE Money Latvia, said:
"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. We believe this transaction is positive news for GE Money Bank Latvia, and will position the Bank for future growth.”
GE Capital will retain ownership of its consumer lending and leasing company, GE Money AS, which will continue to operate in Latvia, focusing on providing ongoing quality customer service.
Additional information:
GE Capitaloffers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.comor follow company news via Twitter (@GECapital). GE (NYSE: GE) is an advanced technology, services and finance company taking on the world’s toughest challenges. For more information, visit ge.com.
OTKRITIE Financial Corporation Ltd.is one of Russia’s leading banking groups which offers its clients and partners the full array of investment banking, commercial banking, and investment management services. Nowadays, OTKRITIE Group of Companies offers private, institutional and corporate clients the full range of financial services, including operations on major Russian and international securities markets across a broad range of asset classes as well as traditional banking products.
FOR FURTHER INFORMATION CONTACT:
GE Money Bank Latvia
KRISTINE CIRCENE
TELEPHONE: +371 67029019
EMAIL: KRISTINE.CIRCENE@GE.COM
GE CAPITAL
DEBORAH MILSOM - GE CAPITAL COMMUNICATIONS - UK
TELEPHONE: +44 (0) 7768606508
EMAIL: DEBORAH.MILSOM@GE.COM
GE CAPITAL
RUSSELL WILKERSON - GE CAPITAL COMMUNICATIONS - US
TELEPHONE: +1 203 840 6420
EMAIL: RUSSELL.WILKERSON@GE.COM