GE Money Bank acquires ownership in Baltic Trust bank

Deals

GE Money Bank, the owner of Hungary’s Budapest Bank, has acquired 98% ownership of Latvia’s leading Baltic Trust Bank (BTB).

With this transaction, GE Money Bank made a significant movement to become a player on the market providing a full range of financial services. Baltic Trust Bank has 31 branch offices and 43 representative offices, employing more than 500 people. Its loans outstanding reached 110 million Latvian lats ($210 milliom); its pre tax revenue reached 2.6 million lats ($5 million), with its gross revenue 7.6 million lats ($14.5 million).

GE Money has made a very impressive growth within the EMEA region (Europe, Middle East, Africa), currently it is having offices in 23 countries of the EMEA region with its assets worth €55 billion ($73 billion). In the CEE region GE Money is present in Hungary - Budapest Bank, in Poland, in the Czech Republic, Slovakia and Russia, and in the recent past it has just completed some transactions providing financial services in Romania and Turkey.

ADVERTISEMENT

Hungary's GDP drop in 2020 slightly better than OECD total r... Analysis

Hungary's GDP drop in 2020 slightly better than OECD total r...

Márki-Zay tests positive for COVID-19 Elections

Márki-Zay tests positive for COVID-19

Gábor Király named managing officer of Dentons Budapest Appointments

Gábor Király named managing officer of Dentons Budapest

BKK introducing single digital tickets City

BKK introducing single digital tickets

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.