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GE's U.K. Deal Brings Subprime To 20 Billion Dollars.(Abbey National Bank)
General Electric has finally taken the big plunge into subprime receivables - but overseas, not here.
In late February, the European division of GE inked a deal to buy the consumer finance division of Abbey National Bank, London.
GE will pay about $1.4 billion (U.S.) for Abbey's First National unit, which has $7 billion in servicing rights, a majority of which include first and second liens.
Two years ago, GE bought the U.K.-based CMC Mortgage, changing its name to IGroup.
According to GE-UK spokesman Ivan Royle, the company services about $12 billion in product. Once the FN deal closes, the group will have almost $20 billion in receivables.
In 1997 and 1998, GE was contemplating several high-profile subprime acquisitions in the U.S., but never closed on any.
U.S. firms that GE looked at include The Money Store, United Companies and Green Tree Financial, to name a few. And lucky for GE. The Money Store was eventually bought for $2 billion by First Union, Charlotte, N.C., which in time wrote off the entire value of the deal.
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Source: HighBeam Research, GE's U.K. Deal Brings Subprime To 20 Billion Dollars.(Abbey National...