16 October 2017
visit www.response.ncr.com

E*Trade Bank acquires Ganis Credit Corporation

26 November 2002  |  3250 views  |  0 E*Trade Bank acquires Ganis Credit Corporation

Financial services provider E*Trade Bank is to acquire the consumer finance business Ganis Credit Corporation, a US-based subsidiary of Deutsche Bank for an estimated $101 million.

The acquisition includes Ganis's consumer loan portfolio and origination platform for recreational vehicle, marine and motorsport loans.

E*Trade says the system will allow it to provide integrated, real-time services for origination, servicing and private-label affinity lending.

The purchase price also includes a premium paid on approximately $1.7 billion in consumer loans. The diversified online brokerage will also assume servicing for $3.5 billion in consumer loans.

Christos Cotsakos, chairman of the board and CEO, E*Trade Group, comments: "The transaction provides ETrade Financial with a new origination and servicing platform, high credit-quality assets and an experienced management team."

The transaction will be financed through the sale of a portion of E*Trade Bank's held-for-sale mortgage portfolio and the firm expects the deal to close by early 2003.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.temenos.comvisit www.innotribe.comvisit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14291 views comments | 11 tweets | 3 linkedin
Taiwan's Far Eastern International Bank suffers malware attackTaiwan's Far Eastern International Bank su...
13026 views comments | 16 tweets | 22 linkedin
Monzo fends off suitors as current account upgrade beginsMonzo fends off suitors as current account...
8932 views comments | 17 tweets | 14 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
7834 views comments | 15 tweets | 20 linkedin
Ripple blockchain network hits 100-member markRipple blockchain network hits 100-member...
7561 views comments | 13 tweets | 13 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job