GE Capital is to acquire 100 percent of
RBS Factor SA, the French arm of the Royal Bank of Scotland’s
factoring business for an undisclosed sum.
The move follows an agreement between GE and
RBS earlier this year to acquire the bank’s German factoring
business. Both agreements are subject to regulatory approval.
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RBS Factor processes more than 3 million
invoices a year and it is estimated it will add about €3.5 billion
of volume to GE Capital’s factoring business in France.
The two acquisitions will increase GE
Capital’s total European factoring volume by more than €6 billion,
it was reported.
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