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GE CONSUMER FINANCE COMPLETES ACQUISITION OF DELTABANK IN RUSSIA
03 April 2006 - AZDEL
| GE Consumer Finance, the global consumer lending unit of General Electric Company, 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. |
GE Consumer Finance, the global consumer lending unit of General Electric Company, 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."
http://www.ge.com
About: AZDEL
AZDEL, Inc. is a joint venture of GE Advanced Materials and PPG Industries. The AZDEL business was established in 1972 by PPG, and the 50/50 joint venture was set up with GE in 1986. AZDEL is a global leader in the manufacture and supply of high-performance composite materials serving a wide variety of markets and industries including automotive, transportation interiors, large truck, materials handling, heating, ventilation and air conditioning (HVAC), and building and construction. * AZDEL and VolcaLite are trademarks of AZDEL, Inc., a 50/50 joint venture of General Electric Company and PPG Industries. |
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