GE acquires DeltaBank in Russia

There is good move happening from GE in last few months on Merger and Acquistion front. GE selling off captive BPO is good sign. One more arrow from GE cever in Russia Acquitions is strengthing GE's strategy.

GE Consumer Finance, the global consumer lending unit of General Electric Company, has completed its acquisition of DeltaBank, a Moscow-based Russian consumer bank.

According to Datamonitor, GE Consumer Finance agreed to purchase DeltaBank from its majority shareholders, Delta Russia Fund and The US-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, it also provides personal loans and sales finance.