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.

“Our global experience and risk management expertise, combined with our demonstrated success in emerging economies such as Eastern Europe and India, will give us a springboard for success in Russia, and provides us with an excellent opportunity to grow in a strategically important market.”