GE finance arm to buy Delta Bank

GE Consumer Finance (GECF), whose European headquarters are in Dublin, has signed a deal to buy the Moscow-based Delta Bank.

The bank provides consumer finance to major retailers in the region, including furniture giant Ikea, and is also a leading player in the credit card market.

GECF Europe chief executive Dan O’Connor said the acquisition would allow the business access to a developing consumer finance market in Russia that had strong potential.