Banco Santander the ever-growing owner of Abbey and sponsor of Lewis Hamilton’s F1 efforts, have bought GE Money’s UK Motor finance and card operations along with those in Austria, Finland and Germany.
On a Part-ex basis GE have taken Italian commercial bank, Interbanca, off Santander’s hands. In total the two companies have agreed mutual acquisitions valued at around 1bn Euros.
Santander originally acquired Interbanca through its purchase of ABN Amro - itself a joint
venture with Fortis and Royal Bank of Scotland.
The GE assets valued at 9bn Euros will most likely be integrated into Santander’s Consumer and Card businesses.
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