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The transnational corporation intends to sell its Latin American financial arm, as part of its efforts to reduce its global banking division.
Reuters reported that a GE could net as much as $1.5 billion for its stake in BAC-Credomatic.
“In 2005, GE paid $500 million for 49.99% of BAC-Credomatic’s shares. Last year, it had to increase its share to 75% due to contractual obligations, just when it was trying to scale down its financial operations”, reported Elperiodico.com.gt.
Source: elperiodico.com.gt
More on this topic
June 2010
Juan Carlos Sansón, general manager of BAC-Credomatic, stated that GE’s sale of BAC-Credomatic shares is “nothing but a rumor”.
He told newspaper La Prensa that they don’t have any official information confirming that General Electric intends to sell Bac-Credomatic. He did acknowledge, however, that GE intends to reduce its participation in the financial market.
September 2009
Before October 1st, the financial company will close its 16 stores and move those services to Credomatic's 'Red de Pagos' and BAC San José.
"Our business and commercialization model does not require our own points of sale. We are selling loans directly through points of sale of our commercial partners", explained Patricio Alemparte, General Manager of GE Money Costa Rica.
June 2010
The Colombian Bank has made an offer to purchase 100% of BAC-Credomatic’s shares.
The value of the offer was kept private, but it was known that it expires on the afternoon of June 10.
“After being authorized by the board of ‘Banco de Bogotá’, its president instructed one of its subsidiaries to make an offer for 100% of the shares of BAC-Credomatic Central America”, said a source from the Colombian Financial Superintendence to Terra.com.
November 2008
Genpact, which recently acquired the GE Money business center in the country, could quadruple the number of employees next year.
Juan Ferrara, vice president and business leader for the Americas, said in a telephone interview will Siglo Veintiuno that they consider Guatemala to be a strategic location and that provides the opportunity to compete with major contact center companies.
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