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GE on the march in Asia

GE on the march in Asia

(4 October 2005 – Philippines) GE Consumer Finance has bought a controlling interest in Philippine’s Keppel Bank for US$25.8 million. Keppel is the oldest savings bank in the Philippines with personal loans, mortgages, auto loans, deposits and credit cards businesses. The bank has total assets of US$90 million.

GE Money South East Asia chief executive, Ridha Wirakusumah, said gaining a platform in the Philippines fitted the company’s strategic focus of expanding its business in the region.

"The consumer banking and financial services industry in the Philippines is well positioned for long term growth and we are looking forward to building on the solid foundations established by Keppel Bank," he said.

Wirakusumah said GE would use its global experience to build a strong presence in the market.

GE Consumer Finance has US$150 billion in assets worldwide and operates in 47 countries.
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