Friday, July 11, 2008 - Page updated at 04:50 AM
E-mail article
Print view Share:
Digg
Newsvine
Shinsei to buy GE's Japan finance unit
Midsize Japanese lender Shinsei Bank Ltd. said Friday it would acquire the local financial arm of General Electric Co. for 580 billion yen ($5.4 billion) in a bid to boost its consumer finance business.
Midsize Japanese lender Shinsei Bank Ltd. said Friday it would acquire the local financial arm of General Electric Co. for 580 billion yen ($5.4 billion) in a bid to boost its consumer finance business.
Shinsei said the acquisition of GE Consumer Finance Co. Ltd. was part of efforts to expand its consumer finance operations, as well as credit card and mortgage businesses.
"This acquisition is a critical next step in our pioneering approach to redefine consumer finance in Japan," Shinsei said in a statement. GE Consumer Finance is Japan's sixth-largest consumer loan company.
GE is involved in a wide array of financial services in Japan.
GE said in a statement Friday it would continue to invest in its other Japanese businesses, including aircraft engines, energy and health care.
Shinsei Bank was created in 2000 when a consortium led by U.S. investment firm Ripplewood Holdings purchased the defunct Long-Term Credit Bank. Currently, U.S. investment fund J.C. Flowers holds a 33-percent stake in the Tokyo-based bank.
Copyright © 2008 The Seattle Times Company
NEW - 12:18 AM
Microsoft CFO to exit after tough year of cost-cutting
St. Louis exec now boss of all Boeing giving
Saab's fate uncertain after deal collapses
Reform won't take bite out of health-care profits
Facebook's new share structure hints at public offering

This feature requires Flash 7.
Top video | World | Science / Tech | Entertainment
general classifieds
Garage & estate salesFurniture & home furnishings
Sporting goods
just listed
Metal Shelving - $35
Moyea SWF To Video Converter Pro - $100
SCHWINN VOYAGEUR GS BRAND NEW - $175
More listings
POST A FREE LISTING
shopping
events for Wednesday, Nov. 25
- Karan Dannenberg Clothier Black Friday Sale
- Black Friday Sale at Julep
- Seattle Lighting November Sale
- Free tours at Theo Chocolate
editors' picks
More shopping guides- Home break-in ends in shootings, Everett police say
- Steve Kelley | Next Seahawks GM should be Mike Holmgren
- Mariners Blog | Jose Lopez appears to be on his way out
- Illegal workers quietly let go
- Amazon, Wal-Mart escalate Web price war
- As glam as he wants to be: Adam Lambert's real debut
- Sprouts, raw fish on attorney's 'do not eat' list
- Bellevue Blog | Bellevue residents blast new bikini espresso stand
- Big demand, grim outlook for state Basic Health Plan
- Husky Men's Basketball Blog | An interview with Enes Kanter's coach
- Sprouts, raw fish on attorney's 'do not eat' list
- Tattoos at Mill Creek church pierce skin, soul
- Food-safety lawyer's wish: Put me out of business
- Illegal workers quietly let go
- Architects, chefs find 'kid' within to build Gingerbread Village
- Nicole Brodeur | Homeless woman bent on giving
- Portland cafe's specialty: medical-marijuana tokes
- Big demand, grim outlook for state Basic Health Plan
- Hutch gets $10M from Bezos family for immunotherapy research
- Rediscovering Moab, 'the most beautiful place on Earth'
