MADRID-- Banco Santander SA said Monday it has reached a deal to
buy the units of GE Money Nordic Holding AB in Sweden, Denmark and
Norway, for around EUR700 million ($952 million).
Santander, Spain's largest bank by market value, said in a news
release that 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 EUR2.35
billion, Santander said.
Following the transaction, Santander Consumer Finance Nordic
will have over 1.2 million customers in the region.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires