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Article: GE Money makes move on NZ market.

Article from:
Australasian Business Intelligence
Article date:
November 17, 2005
Copyright

Byline: Eric Johnston

Nov 17, 2005 (The Australian Financial Review - ABIX via COMTEX) -- US lending giant GE Money is increasing itspresence in the New Zealand market with thepurchase of PRG Finance Group. The $A139 million ($NZ145 million) deal will give GE control of the third largest consumer financebusiness in New Zealand, with a $NZ500 million portfolio, and will help boost GEMoney's New Zealand assets to $NZ3.5 billionand its customer base to 500,000. The movewill place increased pressure on Australia'sbanks and their New Zealand operations. Due

to GE's AAA rating it is able to secure ...

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