GE Money drops stake sale plan in personal loan

The company is the domestic consumer finance arm of the US-based conglomerate General Electric Co and is also present in businesses like home loans and credit cards in partnership with Wizard and SBI respectively.     

Enthused by the "partnership model" in other businesses it had looked upon brining a partner to its wholly-owned portfolio for personal loan and mortgage business as well.     

"After careful consideration, we have concluded that the best alternative for the company at this time is to retain the portfolio as it is," GE Money India President and CEO Iqbal Singh said.     

The operational changes that have been effected have resulted in significant improvements in overall cost structure and performance, and the company believes that there is an opportunity to drive growth organically, he said.     

The company looks forward to pursuing the long-term growth objectives in India by leveraging global experience in direct to consumer financial services and through joint ventures with leading local partners, he added.     

Elaborating on the issue of stake sale, Singh said, the company recently completed a thorough strategic review of its mortgage and personal loans portfolio to evaluate options for the businesses future growth and development.     

"Contrary to market speculation about a complete sale being our sole intention, we evaluated all options thoroughly," he said.