LONDON, Friday, July 16th 2010 [ME NewsWire]:
(BUSINESS WIRE)-- GE Capital Global Banking announced today that it has reached a definitive agreement to sell BAC Credomatic GECF Inc. (BAC-Credomatic) to Grupo Aval, Colombia’s largest banking holding group, for $1.9 billion.
The transaction is subject to certain regulatory approvals and other customary conditions, and the parties anticipate closing by the end of 2010.
“This is a good deal for GE, and furthers our objective of reducing the overall size of GE Capital,” said Dmitri Stockton, president and CEO of GE Capital Global Banking. “We have enjoyed working with BAC’s shareholders and their world-class management team to successfully grow the franchise over the previous five years. We believe this transaction will be positive for BAC, and will allow the Bank to focus solely on its excellent prospects for future growth.”
Founded in 1952, BAC International Bank has operations in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Mexico, with approximately $5.1 billion in loan assets, and $5.5 billion in deposits. GE was advised in the transaction by Credit Suisse, and Latham & Watkins served as external counsel.
About GE Capital Global Banking
GE Capital Global Banking offers smart, flexible financial solutions to customers in 24 countries worldwide. From credit cards and personal loans, to auto financing, savings products, and many other innovative financial products, GE Capital Global Banking has a rich history of helping our clients and partners meet their business goals and achieve their dreams.
The Global Banking group is part of GE Capital, the global finance unit of General Electric, which offers consumers and businesses around the globe an array of financial products and services. GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). Visit ge.com. GE is Imagination at Work.
For media enquiries, please contact:
GE Capital Global Banking
Bob Rendine -
GE Capital Global Banking Communications
Telephone: +44 207 853 1925
robert.rendine@ge.com
GE in Latin America
Mariana Gamez
Communications Specialist GE Colombia/Venezuela
Cell phone in Colombia: +57 317 400 5966
Cell phone in Venezuela: +58 424 624 92 54
mariana.gamez@ge.com
Claudia Ascencio
Office: +57 1 319 8432
Mobile: +57 313 888 5034
cascencio@gravitascomunicaciones.com
Santiago Arrieta
Office: +57 1 319 8419
Mobile: +57 310 248 2007
sarrieta@gravitascomunicaciones.com
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