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Cembra Money Bank AG is a Swiss credit institution headquartered in Zurich-Altstetten. [2] Cembra operated under the name GE Money Bank until its IPO in early November 2013 and was part of the General Electric Group. Since November 2013, the credit institution has been listed on the Swiss stock exchange.
GE Money Bank (formerly GE Capital Bank) was a significant institution in the Czech Republic. It was founded in 1997, after the acquisition of Agrobanka bank as GE Capital Bank. In the year 2000, it changed the name to GE Money Bank. It went through an IPO in 2016 and operates under the new name of Moneta Money Bank.
Bank BPH (Bank Przemysłowo-Handlowy) was a Polish universal bank. Until 2008, it was majority owned by UniCredit . In 2008, GE Money Bank took over 89% of shares and on 31 December 2009, Bank BPH merged with GE Money Bank Polska.
In June 2014, Santander bought GE Money Bank, GE Capital's consumer finance business in Sweden, Norway and Denmark, for €700 million (US$950 million). [30] In September 2014, it was announced that Santander was in talks to merge its asset management unit with that of Unicredit to create a European firm worth €350 billion in assets. [31]
As of 1 July 2009, GE Money Bank GmbH in Hanover, which was acquired in November 2008, was merged with the Santander Consumer Bank AG. In July 2010 it was announced that the German private customer business of SEB will be sold to Banco Santander. [6] The purchase price for the 173 SEB branches amounted to €555 million.
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In March 2008, Santander sold Interbanca to GE Commercial Finance, receiving in return GE Money businesses in Germany, Finland and Austria, and GE's Card and Auto Financing Businesses in the UK. [citation needed] In May 2015, GE appointed the Deutsche Bank to sell the Interbanca, then had a net assets of over €1,000,000,000. [3]
In 2004, GE Money (formerly GE Consumer Finance), owned by General Electric, bought WMC Mortgage for about $500 million. [ 1 ] [ 2 ] WMC Mortgage catered to consumers with less than perfect borrower profiles.