GE Money in joint venture with Colombia's Banco Colpatria |
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Wed, 28 Feb 2007 18:07
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LONDON (AFX) - GE Money, the consumer lending unit of General Electric Company, said announced that it would acquire a minority position in Banco Colpatria - Red Multibanca Colpatria S.A., a consumer and commercial bank based in Bogota, Colombia.GE Money said it will acquire a 39.3 pct stake in Red Multibanca Colpatria in two instalments, with options to acquire up to an additional 25 pct stake from Mercantil Colpatria S.A. by 2012. No value was disclosed.The initial purchase, subject to regulatory approvals, is expected to close within the next few months.Banco Colpatria, a member of the Mercantil Colpatria S.A. group, has over 2.4 bln usd in assets and is the second largest credit card issuer in Colombia. With 139 branches, the bank serves more than 1 mln customers.newsdesk@afxnews.comrwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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