21615 IOM DE Email Banner 680x180
Manufacturing-journal
Stainless Band_Manufacturing Journal MPU_v1
SmartManufacturingLogo
Previous Next

Standard Chartered to buy Singapore-based GE unit

Standard Chartered bank has announced plans to buy the Singapore-based firm GE Money.

Standard Chartered did not say how much it would pay for the car and personal loans provider, but said GE Money had assets worth $1.8bn (£1.13bn).

General Electric has been scaling back its finance arm GE Capital since the financial crisis.

It sold its Hong Kong-based consumer finance business to Standard Chartered last year.

The Singapore deal is due to be completed in the first quarter of this year, a statement said, subject to gaining the approval of regulators.

BBC News

seattle property management