Santander to Buy Nordic Units of GE Money

By Dow Jones Business News, 
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MADRID-- Banco Santander SA said Monday it has reached a deal to buy the units of GE Money Nordic Holding AB in Sweden, Denmark and Norway, for around EUR700 million ($952 million).

Santander, Spain's largest bank by market value, said in a news release that the deal is expected to be closed in the second half of this year, pending regulatory approval.

The deal will complement Santander's consumer financing business in the Nordic region, the Spanish bank added. In the three countries, GE Money has a combined loan portfolio of EUR2.35 billion, Santander said.

Following the transaction, Santander Consumer Finance Nordic will have over 1.2 million customers in the region.

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  06-23-140415ET
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