Home Credit to acquire GE Money in Slovakia - Agreement positions business for next stage of strategic growth
06/02/2008
Under the terms of the agreement, Home Credit will assume 100% ownership of the business as soon as the transaction has closed, which is anticipated later in 2008.
Commenting on the agreement Dmitri Stockton, President and CEO of GE Money in Central and Eastern Europe said, “The CEE region continues to be one of the major areas of growth and investment for GE Money. We are selling the business in Slovakia, because we see higher value opportunities elsewhere for deploying our capital and focusing our efforts. We believe this agreement is in the best interests of GE Money, our individual businesses and GE’s shareholders, and allows us to optimize our portfolio for continued growth and investment, while meeting one of GE’s strategic objectives of redeploying capital in high growth markets,” he added.
Alex Labak, CEO, Home Credit Group welcomed the deal stating: “Acquisition of GE Money’s Slovak business is a good opportunity to build on its existing presence in the market. In particular, GE Money Slovakia’s auto finance franchise and branch network strongly supplement Home Credit’s product strategy for our Slovak customers. The deal sets up great prospects for the success of our combined businesses based on product synergies, client-oriented culture, strong commitment to sales and infrastructure already developed and implemented by Home Credit.”
About GE
GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world"s toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers 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.
Commenting on the agreement Dmitri Stockton, President and CEO of GE Money in Central and Eastern Europe said, “The CEE region continues to be one of the major areas of growth and investment for GE Money. We are selling the business in Slovakia, because we see higher value opportunities elsewhere for deploying our capital and focusing our efforts. We believe this agreement is in the best interests of GE Money, our individual businesses and GE’s shareholders, and allows us to optimize our portfolio for continued growth and investment, while meeting one of GE’s strategic objectives of redeploying capital in high growth markets,” he added.
Alex Labak, CEO, Home Credit Group welcomed the deal stating: “Acquisition of GE Money’s Slovak business is a good opportunity to build on its existing presence in the market. In particular, GE Money Slovakia’s auto finance franchise and branch network strongly supplement Home Credit’s product strategy for our Slovak customers. The deal sets up great prospects for the success of our combined businesses based on product synergies, client-oriented culture, strong commitment to sales and infrastructure already developed and implemented by Home Credit.”
About GE
GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world"s toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers 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.