STAMFORD, Conn.--(BUSINESS WIRE)--Oct. 3, 2005--GE Consumer Finance (GECF), the global consumer lending unit of the General Electric Company (NYSE: GE - News), announced today it has reached an agreement to acquire a majority interest in Keppel Bank Philippines (KBP) for US$25.8 million. The transaction, which was made through GECF's affiliate, GE Capital International Financing Corporation, 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 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, including deposits, personal loans, mortgages, auto loans and credit cards.
"We are pleased with the opportunity to expand our strategic focus in Southeast Asia by gaining a platform for growth in the Philippines," said Ridha Wirakusumah, President and CEO 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."
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