GE Sells Consumer Finance Business in Northern Europe
Reuters reported that Banco Santander is buying GE Money Bank, GE Capital’s consumer finance business in Sweden, Norway and Denmark, for 700 million euros ($950 million) in its latest move to diversify away from its struggling domestic market.
Reuters notes that Santander has expanded in Latin America and Europe over the last decade and has said it is looking for pockets of growth in new markets to make up for weaker business at home after a five-year economic downturn.
Reuters said the deal is expected to close in the second half of this year.
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