MENLO PARK, Calif. - E-Trade Group Inc. said Tuesday that it had closed its deal to buy Ganis Credit Corp., which makes recreational vehicle, marine, and motorsport loans, from Deutsche Bank AG.
In a press release, E-Trade said that the acquisition of Ganis, of Newport Beach, gives its E-Trade Bank a direct and indirect origination and servicing platform and high-credit quality assets. The purchase also furthers its diversification strategy and will help the company generate new cross-selling opportunities, E-Trade said.
"The Ganis acquisition allows us to strategically expand our suite of lending products while meeting our target for credit quality," said Arlen Gelbard, the chief banking officer and president of E-Trade Bank.
