Standard Chartered in GE Singapore purchase
by Kay Murchie
London-based emerging markets bank, Standard Chartered, has purchased GE Money’s specialist car and personal loans business in Singapore.
The deal will further strengthen the Asia-focused bank’s operations in Singapore.
While financial details were not disclosed, sources close to the transaction said the bank was paying “just under” one billion Singaporean dollars.
The acquisition will be subject to regulatory approval and is due to be finalised by the end of the first quarter of 2011.
Dmitri Stockton, chief executive of GE Capital Global Banking, said the deal was “in line with GE Capital’s strategy to optimise its portfolio, and we believe is the right outcome for the business, employees and our shareholders.”
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Tags: GE Money, purchase, Singapore, Standard Chartered
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