GE Capital Services Corp. said it paid $26.8 million to acquire a Mexican bank.
The acquisition of Banco Alianza is expected to expand GE Capital's financial operations in Mexico and comes two months after the finance company bought Mexican insurer Seguros delCentro SA.
Banco Alianza, formerly owned by a group of investors led by Sergio Arguelles, was founded two years ago.
The owners, who mainly had operated industrial parks, real estate developments, and auto part plants, decided to sell the bank to concentrate on their industrial businesses.
In addition to its insurance unit, GE Capital's Mexican unit owns a company that buys receivables at a discount and another that finances the acquisition of machinery and equipment. It also owns five limited-function banking firms.
Over the last several years, GE Capital, a unit of General Electric, has been steadily building a worldwide banking network through a string of acquisitions. In another recent deal, GE Capital acquired slightly more than 27% of Budapest Bank for $87 million, with an option to acquire a further 22.8%.