General Electric has sold its Latvian banking
arm to Russian investment firm Otkritie.
The deal is expected to be finalised “in the next few months”,
an official statement by Otkritie read.
Go deeper with GlobalData
Otkritie will integrate GE Money Bank Latvia under its own
structure and brand.
“The acquisition of this business in Latvia is
a significant new step in building our presence in Western Europe,
outside of Russia,” said Mikhail Belyaev, a board member of
Otkritie.
He added:
“Retail banking is a core strength of Otkritie
Financial Corporation and we plan to offer our new Baltic clients
not only traditional banking services but also a broad range of
investment services and financial product.”
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By GlobalDataRichard Neff, chairman of the spervisory
council, GE Money Latvia called the deal a “good” one.
“This [deal] is in line with GE’s overall
strategy to reduce the size of its financial services balance sheet
while remaining fully committed to a smaller more focused GE
Capital,” he said.
