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GE Money Home Lending put up for sale

GE Capital has put its specialist lending subsidiary, GE Money Home Lending, up for sale.

In a note to brokers, the firm said it plans to reduce its size and concentrate on its industrial and manufacturing businesses.

The note says: “GE Money Home Lending is among the platforms targeted for disposition. We anticipate being able to sell to buyers who are fully committed to and invested in the financial services industry and can offer a good environment for growth.

“Our sale process will begin immediately and continue over approximately 24 months.”

Clayton Hulme partner Chris Hulme says: “GE have probably found their place in the market somewhat pressed with the new challenger banks coming in that are more geared up to engage with brokers and the industry as a whole.”

He adds: “The way forward [for the new owner] is to talk to brokers and clients [to see what they want].”

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  • Rob Jupp 15th April 2015 at 9:41 am

    GEMHL have an excellent team with a well-managed back book. You can be certain that buyers (and I use the plural) will be found and the business will go from strength to strength. This really should be seen in the market as a positive as the incumbent team, in my opinion, are a mainstay of any potential purchaser.
    Good luck to the team at Watford.

  • John Crescens 14th April 2015 at 12:33 pm

    One feels for the people. Doubtless there are those from the days of First National who went through the sale to GE from Abbey thinking the future was secured and now a few years on the stability has been removed especially in what is an extremely competitive but reduced market. The buyer will have a huge task on their hands to reengineer the offering and judging by Christopher Hulme’s comments re engage with the market.
    A sincere good luck.