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Article: GE Capital Global Banking Increases Ownership in BAC-Credomatic.
- Article from:
- Business Wire
- Article date:
- June 26, 2009
CopyrightCOPYRIGHT 2009 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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LONDON -- GE Capital Global Banking announced today that it has increased its ownership stake in BAC-Credomatic GECF Inc. (BAC-Credomatic), from 49.99% to 75%, as contemplated in the original agreements signed by the parties in 2005. BAC-Credomatic owns the retail bank BAC International Bank, Inc. and the BAC and Credomatic operations throughout Central America. BAC Credomatic Holding Co. Ltd. will retain 25% of BAC-Credomatic.
BAC-Credomatic's management team, led by CEO Ernesto Castegnaro, and board chairman Carlos Pellas will continue in their current capacities. Terms were not disclosed.
"Our partnership with Carlos Pellas and BAC-Credomatic has ...