GE Capital India to sell mortgage loan biz to Magma FinCorp
This marks GE Capital's exit from the mortgage loan business in India.
GE Money Housing Finance with a networth of Rs 193 crore has loan assets of Rs 660 crore at the end of March 2012.
At the same time, entire home equity loans portfolio of GE Money Financial Services, another affiliate of GE Capital, was about Rs 940 crore at the end of May 31, 2012.
"This decision is in line with the strategic realignment of our businesses globally. It is also in line with a decision
we had taken three years ago to exit from our mortgage loan business in India," GE Capital India CEO Anish Shah said.
"We will continue to focus on growing our commercial finance business and credit card joint venture in India, leveraging our global expertise in certain specific product and process domains," he said.
Until the completion of the transactions, GE Money mortgage customers in India will continue to be serviced by the GE Money team.
The transactions are subject to standard conditions precedents including regulatory approvals, as applicable.
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