Otkritie Financial Corporation and GE Capital penned an agreement on the purchase of GE Money Bank Latvia (GE Money Bank). As the Russian company’s press service reported, the deal is planned to be closed within several months after it is agreed upon with the Latvian banking regulator, FCMC.
Upon receipt of relevant authorization Mikhail Belyaev, an Otkritie FC board member, will take the helm at the bank.
“The acquisition of a bank in Latvia will allow the corporation to enter a new stage of business development on the West European financial market, in particular, in the retail banking segment," points out Mikhail Belyaev adding that the bank, after becoming part of Otkritie Financial Corporation, will be able to offer customers in the Baltic States also comprehensive financial products apart from standard banking and investment banking services.
