GE Banks merge to become GE Money

By the end of the year a merger between GE Capital Bank, the 17th largest bank in Poland in terms of own capital, and GE Bank Mieszkaniowy, which ranks 23rd, will be completely finalized. Both companies are controlled by the American GE group, which recently made a decision to conduct all retail business around the world under one brand name - GE Money, and this will be the name of the newly formed venture in Poland. Although the merger will take place within one financial group, it is unknown how the market will react to the decision. Once the news about the merger broke, the president, deputy president and several members of the management board in GE Bank Mieszkaniowy resigned. According to company representatives, the merger will be beneficial for customers as they now will be able to receive a full range of products from one bank. (Puls Biznesu, p. 10) A.K.