GE Acquires E*TRADE Consumer Finance Corp.
August 22, 2005
Filed under Uncategorized
GE Consumer Finance, the consumer lending unit of General Electric Company, said it 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. The deal is subject to regulatory approval, but is expected to close in the fourth quarter this year.
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.