Industry News
Banco Santander to acquire GE Money’s UK motor finance and card businesses
7th April 2008
The Spanish Banco Santander has agreed to buy GE Money’s automotive finance unit in the UK together with GE Money businesses in Germany, Finland and Austria. In turn, GE Commercial Finance will acquire Interbanca, the Italian commercial bank acquired by Santander as part of its joint acquisition of the Dutch bank ABN Amro with Fortis and RBS.
GE, through its GE Money and Commercial Finance business units, and Banco Santander have reached a non-binding agreement on the acquisition of certain businesses from each other. The transactions are valued at approximately €1 billion.
Banco Santander expects to integrate the GE Money units acquired, with total assets of €9 billion, into Santander Consumer Finance and Santander Cards.
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