GE Capital Global Banking has increased its ownership stake in BAC-Credomatic GECF (BAC-Credomatic), from 49.99% to 75%, as contemplated in the original agreement signed by the parties in 2005.
BAC-Credomatic owns BAC International Bank and Credomatic operations throughout Central America. BAC Credomatic Holding would retain the remaining 25% of BAC-Credomatic.
Dmitri Stockton, President and CEO, GE Capital Global Banking, said: “Our partnership with Carlos Pellas and BAC-Credomatic has performed very strongly over the last four years, and we look forward to continuing the successful development and growth of the bank. We have a great deal of confidence in the management team at BAC-Credomatic and we look forward to continuing our productive relationship.”
Carlos Pellas, Chairman, BAC-Credomatic, said: “Having GE as a partner has been a tremendous asset to BAC-Credomatic, and has helped us to accelerate our strategic growth. I am looking forward to continuing to work with GE on this exciting next phase of BAC-Credomatic’s successful growth and development.”
GE Capital Global Banking is part of GE Capital. It offers financial solutions from credit cards and personal loans to auto financing and savings products.
