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GE Money bid to calm fears
By Tim Boreham
November 25, 2004
GE Money - the new market entrant bankers love to fear - has reassured the big incumbents it has no plans to take them on in their core markets of deposits and transactions.
The local arm of US giant GE Capital also has no "immediate" further acquisition plans following last month's $400 million-plus purchase of the Wizard group.
"It (deposit taking) is not something immediately on our agenda in Australia, so I can put to rest the minds of all my colleagues at the big four banks," GE Money Australia chief executive Tom Gentile told an Australasian Institute of Banking & Finance event in Melbourne.
"We are going to focus on areas where we have expertise: personal loans, mortgages and credit cards."
He said GE - a rumoured buyer at various times of either St George Bank or AMP - was not interested in a further purchase. "We have plenty on our plates now in terms of integrating Wizard."
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