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GE Money Bank acquires ownership in Baltic Trust bank

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.