GE Money mulls banking operations in India
By agencies   |   Thursday, 03 March 2005, 20:30 IST
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NEW DELHI: GE Money, the financial arm of the diversified General Electric group is mulling on starting retail banking operations in India within two years to expand its operations in India. However it is not clear whether the company will start on its own or acquire an existing bank. "We will roll out our retail banking operations in India in the next 24 months," GE Consumer Finance President and CEO David R Nissen said and added that it was in talks with the Reserve Bank for the banking licence. Asked whether GE was scouting for banks in India for expanding its operations he said, “Although GE Money has the options of acquiring the operations of an existing bank or starting up on our own, it is too premature to comment. We have not decided on anything.” Speaking on the company's likely foray, he said, "the business will be bifurcated and consumer finance and retail banking business will exist side by side." Currently the company is present in consumer durables, automobiles, credit cards and home and personal loans and according to Nissen, GE Money is the second largest business for GE with a total asset base of $150 billion. With a market share of 45 percent in consumer durables finance market, GE Money disbursed loan worth $1.2 billion in India last year.

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