GE Consumer Finance Acquires Majority Interest in Keppel Bank in the Philippines.STAMFORD, Conn. -- GE Consumer Finance (GECF GECF Gas Exporting Countries Forum GECF General Electric Consumer Finance ), the global consumer lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. unit of the General Electric Company (NYSE NYSE See: New York Stock Exchange : GE), announced today it has reached an agreement to acquire a majority interest in Keppel Bank Philippines (KBP kbp kilobase pair; for double-stranded nucleotides, a thousand nucleotide base pairs. ) for US$25.8 million. The transaction, which was made through GECF's affiliate, GE Capital International Financing Corporation Financing Corporation (FICO) A government agency chartered in 1987 to bail out the Federal Savings and Loan Insurance Corporation (FSLIC) by issuing bonds. , is subject to regulatory approvals. Upon closing, GECF will assume operational control of the bank. Established in 1897, Keppel Bank is the oldest savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. in the Philippines with total assets of approximately US$90 million. Keppel has 30 branches and provides a broad range of banking and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , including deposits, personal loans, mortgages, auto loans and credit cards. "We are pleased with the opportunity to expand our strategic focus in Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. by gaining a platform for growth in the Philippines," said Ridha Wirakusumah, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of GE Money Southeast Asia and Head of Banking, Asia. "The consumer banking and financial services industry in the Philippines is well-positioned for long-term growth, and we are looking forward to building on the solid foundations established by Keppel Bank and leveraging our global success and our experience in developing economies to build a strong presence in this significant market." "This is a very positive development for Keppel Bank," said Teo Soon Hoe, Group Finance Director of Keppel Corporation. We are very pleased that Keppel Bank's existing customers and the Filipino consumers will now have the benefit of GECF's global experience, and the opportunity to access a full suite of innovative financial products." ABOUT GE CONSUMER FINANCE With more than $150 billion in assets, GE Consumer Finance, a unit of General Electric Company, is a leading provider of credit services to consumers, retailers, and auto dealers in 47 countries around the world. GE Consumer Finance, based in Stamford, Connecticut (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. More information can be found at http://geconsumerfinance.com. ABOUT GE GE (NYSE:GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com. ABOUT KEPPEL CORPORATION AND KEPPEL PHILIPPINES HOLDINGS Keppel Corporation and its associate, Keppel Philippines Holdings, are listed on the Singapore and Philippines stock exchanges, respectively. The Keppel Group is focused for the future with offshore & marine, property and infrastructure businesses. With a global footprint in 27 countries, Keppel will leverage its resources, strong branding and international network to realize new growth opportunities and business excellence for its business. More information can be found at www.kepcorp.com |
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