GE's simplified global strategy gives rise to Money Bank

The new entity will hold the twelfth position on the market in terms of the value of its own funds and the thirteenth in terms of assets. Yesterday, the supervisory board of GE Bank Mieszkaniowy recalled Łukasz Bald from the post of the bank's president and appointed GE Capital Bank's president Mariusz Karpiński as his replacement. According to Karpiński, the merger is a part of GE's global strategy of simplifying its corporate structure and added that the merger should be completed by the end of the year. He also revealed that the new bank intends to continue operating in its current market sector (i.e. consumer finance) and does not intend to become a universal institution. (Rzeczpospolita, p. B1) E.B.