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Article: BAC/GE Money Joint Venture to Acquire Honduras' Banco Mercantil.
- Article from:
- Business Wire
- Article date:
- January 11, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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STAMFORD, Conn. -- BAC-Credomatic Holding Co. Ltd. (BAC) and GE Money, the consumer lending unit of General Electric Company (NYSE:GE), today announced that their Central American joint venture would acquire 99.9 percent of Banco Mercantil S.A. (BAMER), a privately held bank based in Honduras. BAC and GE Money entered into a joint venture in 2005 to help both companies accelerate growth in the region. The transaction, which requires regulatory approvals, is expected to close in the next few months. The terms were not disclosed.
BAMER was founded in 1980 and has about $700 million in assets and $500 million in deposits. The bank focuses primarily on commercial ...