GE withdraws from the Romanian financial services market, sells to partner Garanti
GE Money entered Romania in 2005, when it bought share packages in Motoractive, Ralfi and Domenia Credit from the Romanian American Enterprise Fund (RAEF), in a deal worth around EUR 140 million. In 2007, the three companies started to merge with the local subsidiary of Turkish bank Garanti, which was finalized this year. This was based on a partnership in Turkey between GE and Dogus Group, the company which controls Garanti Bank.
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