India today announced its exit from the mortgage business in the country, by selling housing
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 GE Money 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.