The acquisition is expected to expand the the consumer lending capabilities of Standard Chartered Bank in the Singapore.
In Singapore, GE Money is a provider of auto finance in the marketplace for both new and used cars, with a well established network of new car distributors and used car dealers.
GE Money is a lender of auto and personal loans in Singapore. The gross assets of the underlying business being acquired were $1.8bn equivalent, as at 31 December 2009.
The transaction is subject to regulatory approvals and is expected to be completed in the first quarter of 2011.
