Motoractive, Domenia, and Ralfi change name to GE Money

Motoractive Leasing, Domenia Credit, and Ralfi IFN will operate under the name GE Money, the consumer finance division of American giant General Electric, which bought the three companies at the end of 2006 for 140 million euros. The Americans will bring the companies under the GE Money umbrella starting this week, after the rebranding was announced as early as August last year. The three companies adopting such a strong brand name as GE Money comes in the context of intensified competition among companies that specialise in mortgage and consumer credits. Domenia Credit, which operates on the mortgage credits market has a strong rival since last week in Verida Credit, a company recently set up by ABN Amro, and in two investment funds, Rubikon Partners, and Old Lane, the latter held by American-based Citigroup. In fact, Verida Credit has recruited as CEO the former head of Domenia Credit, Carmen Retegan, who had run the company since its establishment, until a few months ago. Verida intends to grant credits worth 100 million euros in the next year and a half, while Domenia granted credits worth 35 million euros in the first half of last year, and plans to grant another 40 million euros in the second half of this year.