Tuesday, April 15, 2008
Santander in GE Money deal
Spanish bank Santander, owner of high street bank Abbey, is taking over GE Money Motor Finance. It will make Santander one of the UK’s biggest dealer finance providers, in competition with Black Horse, Bank of Scotland Dealer Finance and Spanish group Mapfre.
GE is exiting the sector to concentrate on consumer finance where it believes it can make better profits. One analyst told AM: “I don’t think we’ll see another acquisition on this scale in the short term. With the credit crunch, people will be watching the fallout from this.
“If major players are pulling out of the market, it’s because they’re not making the margins they want. "And if another player were to fall out it would be very bad for dealers.”
DATED: 15.04.08
FEED: AM
GE is exiting the sector to concentrate on consumer finance where it believes it can make better profits. One analyst told AM: “I don’t think we’ll see another acquisition on this scale in the short term. With the credit crunch, people will be watching the fallout from this.
“If major players are pulling out of the market, it’s because they’re not making the margins they want. "And if another player were to fall out it would be very bad for dealers.”
DATED: 15.04.08
FEED: AM
