24 Jan '11, 6am

StanChart to acquire GE Money

StanChart to acquire GE Money

SINGAPORE: Standard Chartered Bank said it has signed an agreement with a subsidiary of GE Capital to acquire GE Money, a specialist in auto and personal loans in Singapore. The British-based bank did not disclose the value of the agreement, but said in a statement that the gross assets of GE Money were S$2.35 billion at the end of December 2009. The bank expects to complete the deal in the first quarter of this year. Standard Chartered added that with the acquisition, it will be able to immediately have a meaningful presence in auto financing, which is the second biggest financial commitment for many Singaporeans after mortgages. The bank said the agreement will also boost its market position in personal loans as well as provide a platform to cross-sell more products to affluent customers. Dennis Khoo, Head of Consumer Banking at Standard Chartered said, "The bank is conf...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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