GE Capital Services has agreed to buy Warsaw-based Polish American Mortgage Bank from Wielkopolski Bank Kredytowy and the Polish-American Enterprise Fund. Terms were not disclosed.
Last year Polish American Mortgage Bank originated $260 million in mortgages.
The deal "strengthens our already strong commitment to Poland and provides a solid platform within central Europe for the expansion of our mortgage business," said Gary Wendt, a GE spokesman. "It will also enhance GE Capital's distribution channels for financial products and services in a key economic region of the world."
The acquisition would extend GE Capital's banking presence in central Europe, which includes Agrobanka in Prague, Budapest Bank, GE Capital Bank in Poland, and Mercur Bank in Austria.
GE Capital Corp., with assets of more than $250 billion, is a global, diversified financial services company with 28 specialized businesses. It is a wholly owned subsidiary of General Electric Co.