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Santander buys GE Money unit

Banco Santander said has reached a deal to buy the units of GE Money Nordic Holding in Sweden, Denmark and Norway, for around €700 million ($952 million). Santander, Spain’s largest bank by market value, said the deal is expected to be closed in the second half of this year, pending regulatory approval. The deal will complement Santander’s consumer financing business in the Nordic region, the Spanish bank added. In the three countries, GE Money has a combined loan portfolio of €2.35 billion, Santander said. Following the transaction, Santander Consumer Finance Nordic will have over 1.2 million customers in the region.

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