Moscow, November 24, 2005 -- Board of Directors of DeltaBank, wholly owned subsidiary of GE Consumer Finance, a unit of General Electric, Co., announces the appointment of Richard Gaskin as CEO for DeltaBank. Andrei Larkin, who functioned as Acting President since late 2004 following the bank's acquisition by GE Consumer Finance, will concentrate on further building DeltaBank's financial strategy as CFO of the bank. These new appointments will reinforce DeltaBank's top executive team to allow James Cook, Chairman of the Board and expert in building new operation platforms, to focus on developing new business opportunities for GE Consumer Finance in Russia and across emerging CIS markets.
James Cook said: "We are very excited to welcome Richard in his new role at DeltaBank. Since acquisition of the bank in November 2004, GE Consumer Finance has been actively building the bank's management structure to ensure its maximum efficiency in line with GE Consumer Finance global business practices that have been successfully bringing the company to the top of consumer finance markets in Europe and worldwide. We are confident that Richard with his vast experience and knowledge of consumer finance business will drive the bank towards significant achievements in Russia".
Richard Gaskin, an MBA Graduate of Henley Management College, has been with GE since 1999 and held positions of increasing responsibility. Before this current appointment, he was the Managing Director for the GE Money UK Auto Business. Before entering GE, Richard had a long and successful career with Ford Motor Credit where he undertook roles in Sales and Marketing, Retail Underwriting, Business Risk Assessment and Operations. Further, he has significant international experience having worked in Ireland, Switzerland and the United Kingdom. In Switzerland he served as the Quality Leader for GE Money and obtained his Certification as a Master Black Belt under the Six Sigma program.
Defining Priorities
Founded in 1997, DeltaBank provides a variety of consumer finance products through branches and more than 100 imbedded points of sale in established retail outlets, such as IKEA and other major retailers. DeltaBank is a leading issuer of Visa Cards in the Russian market, with over 250,000 credit cards issued. In addition to bank cards, DeltaBank also provides personal loans and sales finance. Since November 2004, the bank is a wholly owned subsidiary of GE Consumer Finance, a business of General Electric, Co.
About GE Consumer Finance
GE Consumer Finance is a leading provider of credit services in 41 countries, with assets of $117 billion. GE Consumer Finance meets the needs of over 100 million customers worldwide with products including private label credit cards and promotional retail finance to the world's leading retailers and manufacturers, personal loans, auto financing, corporate cards for commercial customers, and mortgages. GE Consumer Finance is headquartered in Stamford, Connecticut, USA.
About GE
GE is a diversified technology and services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and plastics, GE operates 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.
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