MOSCOW--(BUSINESS WIRE)--Nov. 9, 2004--GE Consumer Finance (GECF), the global consumer lending unit of General Electric Company
(NYSE:GE), today announced that it has completed its acquisition of DeltaBank, a Moscow-based Russian consumer bank. As previously announced GECF agreed to purchase DeltaBank from its majority shareholders, Delta Russia Fund and The U.S.-Russia Investment Fund, both managed by Delta Private Equity Partners. The purchase was subject to regulatory approvals, which have now been received.
Founded in 2000, DeltaBank provides a variety of consumer finance products through branches and more than 70 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 150,000 credit cards issued. In addition to bank cards, DeltaBank also provides personal loans and sales finance. We are tremendously excited to be entering the Russian market through a platform which has already experienced significant growth and success, said James Cook, President & CEO of GECF Russia.
We believe that the Russian consumer finance market has great potential for growth, and we look forward to bringing our global expertise to Russia and being an active participant in the future development of the financial services industry.
We are pleased to have launched the bank to its current high growth phase, said Patricia Cloherty, President & CEO of Delta Private Equity Partners. GECF has the skills and capital necessary to transform DeltaBank into a key player in the Russian economy.
About GE & 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, headquartered in Stamford, Connecticut, is a business unit of General Electric Company.
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.
--30--SDG/ny*
CONTACT:
For GE Consumer Finance
In Russia:
Globalworks
Kirill Golubkov, +7095 143 0608
[email protected]
or
In the US:
GE Consumer Finance
Bob Rendine, 203-585-2084
e-mail: [email protected]
Cristy Williams
[email protected]
678.518.2596