Standard Chartered to buy Singapore-based GE unit

Standard Chartered, Shanghai
Image caption The majority of Standard Chartered's business is done in Asia

Standard Chartered bank has announced plans to buy the Singapore-based firm GE Money.

Standard Chartered did not say how much it would pay for the car and personal loans provider, but said GE Money had assets worth $1.8bn (£1.13bn).

General Electric has been scaling back its finance arm GE Capital since the financial crisis.

It sold its Hong Kong-based consumer finance business to Standard Chartered last year.

The Singapore deal is due to be completed in the first quarter of this year, a statement said, subject to gaining the approval of regulators.

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