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Article: GE Money to Form a Joint Venture with Colombia's Banco Colpatria.(Company overview)
- Article from:
- Business Wire
- Article date:
- February 28, 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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GE Money continues strategy of expansion into high growth consumer banking markets through joint venture with one of Colombia's largest banking groups
STAMFORD, Conn. -- Furthering its growth strategy in Latin America, GE Money, the consumer lending unit of General Electric Company (NYSE:GE), today announced that it would acquire a minority position in Banco Colpatria - Red Multibanca Colpatria S.A., a consumer and commercial bank based in Bogota, Colombia. GE Money will acquire a 39.3 percent stake in Red Multibanca Colpatria in two installments, with options to acquire up to an additional 25 percent stake from Mercantil Colpatria S.A. by 2012. The initial ...