Bloomberg News

General Electric to Open U.K. Bank in Mid-April, Telegraph Says

March 25, 2012

General Electric Co. (GE) will open a U.K. bank in mid-April, the Sunday Telegraph said.

The new Internet bank, to be called GE Capital Direct, will be the biggest entry into the U.K. banking industry since the financial crisis, the London newspaper reported, without specifying the source of the information. GE will seek to add billions of pounds of savings to its U.K. corporate loan book worth more than 10 billion pounds, the report said. A GE Capital spokesman declined to comment, according to the article.

To contact the reporter on this story: Isaac Arnsdorf in London at iarnsdorf@bloomberg.net

To contact the editor responsible for this story: Mike Harrison at mharrison5@bloomberg.net


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