GE Capital said Monday that it has agreed to purchase RBS Factoring GmbH, the factoring and invoice financing unit of Royal Bank of Scotland PLC, for an undisclosed price.
The General Electric Co. unit said that buying the RBS unit would boost its accounts receivable finance business in Europe, especially in Germany, where RBS Factoring is based.
Factoring operations purchase the receivables owed to businesses.
"Building on our near-record volumes we financed in 2009, this acquisition will reinforce our position as a leading provider of accounts receivable financing in Germany," Rich Laxer, the president and chief executive of GE Capital's business in Europe, the Middle East and Africa, said in a press release.
