GE to acquire E*Trade consumer financing unit
KETTERING, Ohio – GE Consumer Finance, the consumer lending unit of General Electric Company (NYSE: GE), plans to acquire E*Trade Consumer Finance Corp., an affiliate of E*Trade Financial Corp., which provides consumer financing solutions for recreational vehicles and marine products, the company reported in a recent statement.
The acquisition includes operations in Irvine, Calif., and Clearwater, Fla., and adds approximately 200 employees. It also is expected to add $2 billion in annual loan volume to GE Consumer Finance’s Retail Sales Finance business. Subject to regulatory approval, the transaction is anticipated to close in the next 60 to 90 days.
“This acquisition represents a significant step in the growth of our recreational consumer lending business,” said Glenn Marino, president and chief executive officer of GE Consumer Finance’s Retail Sales Finance unit. “The combination of E*Trade and GE’s consumer financing businesses will deliver a broad range of lending products, diverse industry expertise and advanced loan servicing technology to recreational vehicle and marine clients.”
The agreement complements and enhances GE Consumer Finance’s current RV and Marine market presence, according to GE. “Both organizations share a strong commitment to this market based upon exceptional client and customer service. Our collective experience positions us among the leaders in the RV and marine financing,” added Marino.
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