GE Capital Interbanca

GE Capital Interbanca

File:GE Capital Interbanca.png
Type	Subsidiary
Industry	Financial Services
Founded	1961
Headquarters	Milan, Italy
Services	investment banking
Net income	(€15.828 million) (2014)
Total assets	€4.419 billion (2014)
Total equity	€1.114 billion (2014)
Parent	GE Capital
Website	www.gecapital.it
Footnotes / references in consolidated basis

GE Capital Interbanca S.p.A. is an Italian merchant bank that specializes in lending and financing transactions for medium-sized firms. Its headquarters are in Milan and it has 10 branches in major cities throughout Italy. The bank was purchased from Santander Group in March 2008 by GE Commercial Finance.

History

A consortium of banks comprising Banco Ambrosiano, Banca d'America e d'Italia, and Banca Nazionale dell'Agricoltura, founded Interbanca – Banca per i Finanziamenti a Medio Termine in 1961. By 1997 it had come under the control of Banca Antonveneta, which in 1999 acquired Banca Nazionale dell'Agricoltura. In June 1999, its parent listed Interbanca on the stock exchange, but then in February 2003 wholly acquired it.

In 2006, ABN AMRO acquired Antonveneta, only to be itself acquired by a consortium consisting of The Royal Bank of Scotland Group, Fortis, and Santander. Banco Santander took control of Antonveneta in October 2007 and sold it on to Banca Monte dei Paschi di Siena in November at a 36% premium over the valuation for the acquisition. Although Banco Santander had sold Antonveneta, it retained Interbanka for the time being.

In March 2008, Santander sold Interbanca to GE Commercial Finance, receiving in return GE Money businesses in Germany, Finland and Austria, and GE's Card and Auto Financing Businesses in the UK.

In May 2015, GE appointed Deutsche Bank to sell the bank, then had a book value of over €1 billion.

External links

• Official website