GE eyes consumer loan market

General Electric (GE), the world”s biggest company in terms of market value, plans to boost its presence in Romania, primarily targeting the railway and power infrastructure.

The US giant is also interested in the Romanian consumer loans and is likely to enter this market by establishing its own specialised company.

“GE is a consumer finance company and we are highly interested in this financial services market. Our business philosophy is such that we”d rather set up a company than resort to another formula (such as the acquisition of a player),” Ferdinando Beccalli, president and CEO of GE International, told Ziarul Financiar.

GE was, in the first half of the year, on the list of investors interested in Credisson International consumer loan company, which eventually entered the portfolio of the French-based Cetelem.

GE is able to set up a consumer finance company on the very competitive Romanian market, since it has the products and resources that can give it an edge over the competition, Beccalli said. GE”s Romanian expansion policy does not rule out acquisitions, though, should the opportunities arise.

“Over the last four years, we have spent $60bn on acquisitions globally. Everything depends on opportunities – should these match our interests, we will do it here, too”, said the company”s official.

GE International”s president is visiting Romania, heading a delegation of the US group and will hold meetings with the Romanian premier and economy minister to discuss to what extent the company”s products and services fit local business opportunities.

Romania is part of Southeast Europe, which last year had the fastest growth pace within GE, of about 90%, pushing sales to 478m dollars.

Under its development policy, GE is now focusing on capturing growth of the most dynamic areas of the globe, including the region that Romania is part of together with another ten states.