General Electric Co.'s GE Capital unit said it has agreed to acquire 80% of Service Bank von 1954 GmbH, a bank based in Cologne, Germany, that issues a private-label debit card called Yesss.

Pending regulatory and board approvals, the remaining 20% would stay in the hands of Metro and Kaufhof Group, a retailing conglomerate with more than 2,000 stores in 11 countries.

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