GE Capital India exits mortgage business

Sells housing finance company, entire mortgage portfolio to Magma Group

India today announced its exit from the mortgage business in the country, by selling finance company and entire mortgage portfolio to Magma Group.

The company was operating its mortgage business under the brand GE Money. With the new move, the company is planning to focus on growing commercial finance and credit card JV.

Apart from Housing Finance business Magma has purchased the entire home loan and home equity portfolio of GE Money Financial Services Private Limited.

Anish Shah, GE Capital’s President & CEO said, “The company is focused on growing its credit card joint venture with State Bank of India (SBI) and its commercial finance businesses in India. Within commercial finance, we already have strong offerings in corporate loans, leasing, healthcare finance and private equity. We are exploring faster growth in areas like factoring and distribution finance that leverage GE's global product and process strengths."

The name of GE Money Housing Finance will change, subject to appropriate regulatory approval and compliances. GE Money customers have been sent letters intimating them of the change and the Magma help desk contact details, the company said in a release.

image
Business Standard
177 22
Business Standard

GE Capital India exits mortgage business

Sells housing finance company, entire mortgage portfolio to Magma Group

Pradeesh Chandran  |  Bangalore 



India today announced its exit from the mortgage business in the country, by selling finance company and entire mortgage portfolio to Magma Group.

The company was operating its mortgage business under the brand GE Money. With the new move, the company is planning to focus on growing commercial finance and credit card JV.


Apart from Housing Finance business Magma has purchased the entire home loan and home equity portfolio of GE Money Financial Services Private Limited.

Anish Shah, GE Capital’s President & CEO said, “The company is focused on growing its credit card joint venture with State Bank of India (SBI) and its commercial finance businesses in India. Within commercial finance, we already have strong offerings in corporate loans, leasing, healthcare finance and private equity. We are exploring faster growth in areas like factoring and distribution finance that leverage GE's global product and process strengths."

The name of GE Money Housing Finance will change, subject to appropriate regulatory approval and compliances. GE Money customers have been sent letters intimating them of the change and the Magma help desk contact details, the company said in a release.

RECOMMENDED FOR YOU

GE Capital India exits mortgage business

Sells housing finance company, entire mortgage portfolio to Magma Group

GE Capital India today announced its exit from the mortgage business in the country, by selling housing finance company and entire mortgage portfolio to Magma Group
India today announced its exit from the mortgage business in the country, by selling finance company and entire mortgage portfolio to Magma Group.

The company was operating its mortgage business under the brand GE Money. With the new move, the company is planning to focus on growing commercial finance and credit card JV.

Apart from Housing Finance business Magma has purchased the entire home loan and home equity portfolio of GE Money Financial Services Private Limited.

Anish Shah, GE Capital’s President & CEO said, “The company is focused on growing its credit card joint venture with State Bank of India (SBI) and its commercial finance businesses in India. Within commercial finance, we already have strong offerings in corporate loans, leasing, healthcare finance and private equity. We are exploring faster growth in areas like factoring and distribution finance that leverage GE's global product and process strengths."

The name of GE Money Housing Finance will change, subject to appropriate regulatory approval and compliances. GE Money customers have been sent letters intimating them of the change and the Magma help desk contact details, the company said in a release.
image
Business Standard
177 22
Widgets Magazine

More News

Widgets Magazine
Widgets Magazine

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard