Bank To Buy GE's Card, Loan Operations In Japan

Published July 14, 2008, 1:00 a.m. EDT

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Updated July 14, 2008, 12:00 a.m. EDT

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Shinsei Bank Ltd. said Friday it had signed an agreement to buy General Electric Co.'s credit card, mortgage and personal-loan businesses in Japan. The Japan-based bank says it will pay 580 billon yen (US$5.4 billion or 3.4 billion euros) for the operations. The deal includes 2.2 million customer accounts, the bank said in a statement without explaining how many are card accounts. Shinsei expects the transaction to close by 30 Sept. GE Money said Friday it would "continue to operate GE Nissen Credit Card Co. Ltd.," a joint venture with Japan-based Nissen.

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