GE to merge its banks into GE Money Bank

"We will send our application for the merger to the authorities next week," said Mariusz Karpiński, president of both GE subsidiaries. After the move the company will be called GE Money Bank, a name introduced in all countries where GE operates. GE Bank Mieszkaniowy developed slower than its competition in recent months, but the company's president believes that will change after the merger. According to Karpiński, the move will help lower costs and increase sales. GE is present in 21 European countries, but it offers individual accounts only in countries where it bought already existing banks (Hungary, Czech Republic, and Russia). General Electric was founded by the American inventor Thomas Edison in 1878 and it has been present on the NY Stock Exchange for 108 years. (Parkiet, p. 6) D.W.