DELTABANK (Moscow) will begin operating as GE MONEY BANK in early October, DELTABANK financial officer Andrei Larkin has reported. He also announced plans to spend $3.0 million on rebranding and $10m on an advertising campaign. According to DELTABANK president Richard Gaskin, the bank will use its money to provide credits and mortgages and increase its branch network. In 2007, the number of GE MONEY BANK branches will increase from 25 to 41. The current credit portfolio is $120m. It will double annually during the next three years. GE BANK also plans to buy a Russian bank. DELTABANK was founded in 1997. In November 2004, the bank was taken over by the GE CONSUMER FINANCE, a GENERAL ELECTRIC corporation’s unit.
Source: BANKIR.RU, September 28, 2006
