GE Money targets over 50 territorial branches

GE Money, the division of retail financial services of General Electric, aims to operate over 50 territorial branches on the Romanian market, on medium term, as it intends to open 20 branches this year. The company took the local market of financial services by storm in 2006, after it acquired three financial non-bank institutions – Domenia Credit, Motoractive and Ralfi (the Estima Finance brand of consumer credits), following a transaction worth 140 million dollars. “We will initially open 20 territorial branches, but won’t stop here. In other countries where we have been operating for a longer period of time (for example Poland or the Czech Republic) we have 50-60 offices, a level, which we wish to achieve here, as well,” stated William Cary, chairman and CEO of GE Money for Europe, the Middle East and Africa. The three banks purchased last year will be integrated into a single entity, under the name of GE Money; however, company officials have not yet decided whether it will be registered as a non-bank financial institution or as a bank authorised by the NBR (National Bank of Romania). The financial division of the Americans at GE Money has announced it will invest 50 million dollars (38 million euros) on medium term, of its operations in Romania.