GE Money to exit two-wheeler financing
By Our Corporate Bureau | 05 May 2007
Mumbai: GE Money, the consumer finance arm of General Electric, has decided to get out of the two-wheeler finance business due to low margins, and said it would now focus on the high growth and high profitability segments of its business.
Other players in the two wheeler finance business are ICICI Bank, HDFC Bank, CitiFinancial and Centurion Bank. GE Money is also a small player in the business and has a retail distribution network in over 5,500 outlets across 70 locations. It also provides car finance, consumer durable finance, personal loans and loan against property and home loan.
According to industry information service CRIS INFAC, an arm of credit rating agency CRISIL, the outstanding portfolio of the two-wheeler finance market is expected to reach Rs 30,800 crore by 2009-10 from about Rs 18,100 crore now.