GE Acquires E*TRADE Consumer Finance Corp.
August 16, 2005
Filed under Uncategorized
Officials at GE Consumer Finance, the consumer lending unit of General Electric Company, announced plans to acquire E*TRADE Consumer Finance Corporation, an affiliate of E*TRADE FINANCIAL Corp., which provides consumer financing solutions for powersports vehicles, RVs and marine products.
The acquisition includes operations in Irvine, Calif., and Clearwater, Fla.; adds approximately 200 employees; and is expected to add $2 billion in annual loan volume to GE Consumer Finance's Retail Sales Finance business.
GE Retail Sales Finance, based in Kettering, Ohio, is part of GE Consumer Finance and provides private label credit card programs, marketing, installment lending and financial services to more than 200 regional and national clients in multiple industries.
With $150 billion in assets, GE Consumer Finance, Stamford, Conn., is a leading provider of credit services to consumers and retailers in 47 countries around the world.
"This acquisition represents a significant step in the growth of our recreational consumer lending business," said Glenn Marino, president and chief executive officer of GE Consumer Finance's Retail Sales Finance unit.
Subject to regulatory approval, the transaction is anticipated to close in the next 60 to 90 days.