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Article: GE Capital Global Banking Raises Stake in BAC-Credomatic

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Wireless News
Article date:
July 2, 2009
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Wireless News
07-02-2009
GE Capital Global Banking Raises Stake in BAC-Credomatic
Type: News

GE Capital Global Banking announced that it has increased its ownership stake in BAC-Credomatic GECF, from 49.99 percent to 75 percent, as contemplated in the original agreements signed by the parties in 2005.

BAC-Credomatic owns the retail bank BAC International Bank and the BAC and Credomatic operations throughout Central America. BAC Credomatic Holding will retain 25 percent 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 ...

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