GE Money Bank
GE Capital announces sale of GE Money Bank Latvia to OTKRITIE Financial Corporation JSC

GE Money Bank 

28.06.2011 15:31

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The issuer is solely responsible for the content of this announcement.

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(28th of June 2011): GE Capital announced today an agreement to sell GE Money
Bank Latvia to OTKRITIE Financial Corporation JSC, for an undisclosed amount.
The deal is subject to regulatory approval,and the parties anticipate closing
in the next few months. 



Richard Neff, Chairman of the Supervisory Council, GE Money Latvia, said:



'This is a good deal for GE Capital, and is in line with GE's overall strategy
to reduce the size of its financial services balance sheet while remaining
fully committed to a smaller more focused GE Capital. We believe this
transaction is positive news for GE Money Bank Latvia, and will position the
Bank for future growth.' 



GE Capital will retain ownership of its consumer lending and leasing company,
GE Money AS, which will continue to operate in Latvia, focusing on providing
ongoing quality customer service. 



Additional information:

GE Capitaloffers consumers and businesses around the globe an array of
financial products and services. For more information, visit gecapital.comor
follow company news via Twitter (@GECapital). GE (NYSE: GE) is an advanced
technology, services and finance company taking on the world's toughest
challenges. For more information, visit ge.com. 



OTKRITIE Financial Corporation Ltd.is one of Russia's leading banking groups
which offers its clients and partners the full array of investment banking,
commercial banking, and investment management services. Nowadays, OTKRITIE
Group of Companies offers private, institutional and corporate clients the full
range of financial services, including operations on major Russian and
international securities markets across a broad range of asset classes as well
as traditional banking products. 


         FOR FURTHER INFORMATION CONTACT:
         
         GE Money Bank Latvia
         KRISTINE CIRCENE
         TELEPHONE: +371 67029019
         EMAIL: KRISTINE.CIRCENE@GE.COM
         
         GE CAPITAL
         DEBORAH MILSOM - GE CAPITAL COMMUNICATIONS - UK
         TELEPHONE:  +44 (0) 7768606508
         EMAIL:  DEBORAH.MILSOM@GE.COM
         
         GE CAPITAL
         RUSSELL WILKERSON - GE CAPITAL COMMUNICATIONS - US
         TELEPHONE: +1 203 840 6420
         EMAIL: RUSSELL.WILKERSON@GE.COM
News Source: NASDAQ OMX



28.06.2011 DGAP's Distribution Services include Regulatory Announcements, 
Financial/Corporate News and Press Releases.
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Language:     English
Company:      GE Money Bank
              
               
              Latvia
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         LV0000800225
WKN:          
 
End of Announcement                             DGAP News-Service
 
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