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General Electric plans sale of HK consumer finance unit to Standard Chartered.

Global Banking News-1 March 2010-General Electric plans sale of HK consumer finance unit to Standard Chartered(C)2010 ENPublishing -

Global Banking News - 01 March 2010(c)2005 - Electronic News Publishing -

General Electric Corporation (NYSE: GE) has said that it has agreed to sell its Hong Kong consumer finance business to Standard Chartered Bank Plc (LSE: STAN) (STD.DE) (OTC: SCBFF) (HKG: 2888), as part of its efforts to strengthen capital after the financial crisis.

The value of the deal has not been disclosed but Standard Chartered spokeswoman Gabriel Kwan said that the assets mainly comprised of outstanding mortgages valued at USD1bn. Both companies said that they expect to complete the deal by the end of June, subject to regulatory approval.

Standard Chartered's Kwan said the acquisition was complementary to the bank's existing consumer finance business. 'This deal forms part of Standard Chartered's commitment to further grow its consumer banking business in Hong Kong,' she said.

General Electric operates its consumer finance business in Hong Kong through its finance unit, General Electric Capital Corporation, one of the world's biggest non-bank finance companies.

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Publication:Global Banking News (GBN)
Date:Mar 1, 2010
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