EnglishTurkish group "Dogus", which controls "Garanti Bank", and American "GE Money" have decided to merge their operations, after "GE Garanti Bank" received the license from the Romanian National Bank.
"GE Money" has taken the necessary steps for the creation of the new banking institution, which would benefit from the synergies of its partnership with "Dogus".
According to data published by the Trade Registry, "GE Garanti Bank" has a share capital of 39.96 million lei, with the majority shareholder being "Dogus GE B." of Holland, which owns 99.9%, whereas American group "General Electric Capital Corporation" holds 0.1%.
Officials of both companies had long ago their intention to exploit the synergies by using their platforms together, but they never provided any details on their plans.
American company "GE Money" entered the market in 2006, when it acquired three non-bank lenders: "Ralfi", a consumer credit company, "Motoractive Leasing" and "Domenia Credit", a mortgage lender, for which they paid in total 140 million Euros.
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