After a string of strategic deals in
emerging economies such as Thailand (Bank of Ayudhya) and Poland
(BPH), GE Money has turned its focus to Spain. The US consumer
finance specialist is setting up a strategic joint venture with
Unicaja, one of the country’s leading savings banks, creating a
consumer finance alliance offering credit cards and loans.

Unicaja and GE Money will each hold 50
percent in the joint venture, which will have a share capital of
€25 million ($33.7 million) and a loan portfolio of €200 million,
and inherit 500,000 cards from Unicaja’s current credit card
business. Unicaja is the eighth-largest financial services group in
Spain; it operates in 15 provinces via 870 branches and has more
than 2 million customers.

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“This further enhances our presence in the Spanish market,” said
William Cary, president and CEO of GE Money EMEA. “Our growth
strategy of partnering with best-of-breed partners in this and
other markets is a key pillar in our organic growth strategy for
the EMEA region.”

GE Money has been in Spain since 1963, but has recently begun to
step up its efforts in the market through strategic alliances. In
2005, it formed CAMGE Financiera, a consumer finance venture with
Caja de Ahorros del Mediterraneo. In 2006, it formed a similar
partnership with Bilbao Bizkaia Kutxa.

GE Money now has operations running in nearly 30 EMEA countries.
Its EMEA unit recorded strong growth in 2006, with a total asset
growth of 11 percent to $89 billion, and an increase in net income
of 22 percent to $1.6 billion.

Braulio Medel, chairman of Unicaja, said: “The foundation of this
joint venture confirms our strong commitment to the consumer
finance market, which we consider as a strategic business offering
significant potential.”

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Operations are expected to begin in early 2008.