GE Capital has acquired 100 percent
of RBS Factoring GmbH, the RBS Group’s factoring and invoice
financing business in Germany, for an undisclosed sum.
RBS Factoring is one of
Germany’s top ten cashflow finance providers by business volume,
and is expected to boost GE Capital’s German factoring business to
the tune of €2 billion yearly.
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Currently, GE Capital
lends more than €250 million daily to businesses across Europe, and
has a base of around 350,000 customers. In 2009, it transacted €20
billion in factoring business with German customers.
GE Capital EMEA’s CEO,
Rich Laxer, said that the acquisition would allow GE Capital to
improve on 2009’s record factoring volumes.
Fred Crawley
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