GE Money-Wizard Home Loans JV to invest $200 Mn in India

Friday, 21 September 2007, 07:00 Hrs
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New Delhi: Wizard India, a home loan joint venture between GE Money, General Electric's financial services arm, and Australian mortgage major Wizard Home Loans, will invest $200 million by 2011 in India, the companies announced here Thursday.

Wizard India aims to set up over 250 branches across the country by 2011.

"GE has a long standing presence in India and I am confident our deep understanding of the market would go a long way in enabling Wizard Home Loans to position itself as a preferred home loan provider in the country," GE India CEO T.P. Chopra said at a news conference.

"In order to ensure the branches provide the highest levels of service, we will do something no one else has done before in the mortgage industry in India," said Wizard Home Loans chairman Mark Bouris.
Source: IANS
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