GE Eyeing Bank Acquisition in India

General Electric is drawing up plans to acquire a bank in India and bag large orders in the country’s nuclear energy and defence sectors.

“We are waiting for some clarification from the Reserve Bank of India on which banks will be available for acquisition,” GE India CEO and President Scot Bayman told Indian newspaper the Business Standard today, adding: “In particular, we want to know what is a weak bank and how will such banks be identified. We have to see what is the maximum equity we can get within the existing framework of rules.”

On March 2, David Nissen, CEO and President of GE Money, the consumer finance arm of GE, had said here that GE Money was planning to roll out its retail banking operations in India within the next two years.

Elaborating on that announcement, Bayman said an acquisition would give GE Money a jump-start in the business, though it would come with its share of liabilities. “We have banks in many countries. It fits in nicely with GE Money,” he said.

For this complete story, please visit GE Eyeing Bank Acquisition in India.