Argentina-based Grupo Supervielle has acquired
the country operations of GE Money, including the local consumer
credit services for US-retailer Wal-Mart, for an undisclosed
sum.

GE Money’s Argentinean loan book totals around
ARS500 million ($127.1 million) and includes 330,000 card
customers.

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As a result of the transaction, Grupo
Supervielle will become the largest MasterCard issuer in
Argentina.

“The acquisition will reinforce Grupo
Supervielle’s position in the unbanked consumer credit segment,
where it already offers microcredit through Cordial Microfinanzas
and consumer credit through Tarjeta Automatica,” Supervielle said
in a statement.

The transaction is subject to the regulatory
approval.

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