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.

  0 Be the first to comment

E*Trade Bank acquires Ganis Credit Corporation

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

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.

Sponsored New Industry Survey Report – Navigating the Nordic financial landscape: 2025 challenges and priorities

Comments: (0)

New Report – The Future of US Digital Payments 2025: ACH & BeyondFinextra PromotedNew Report – The Future of US Digital Payments 2025: ACH & Beyond