GE Commercial Finance, the business-to-business financing arm of GE, has signed an agreement with Dexia Group, the European banking group, to acquire 100 percent of its subsidiary Banque Artesia Nederland N.V. for an undisclosed amount.
Banque Artesia Nederland, headquartered in Amsterdam and founded in 1872, has EUR 4.7 billion in assets (USD 6 billion), nine branches throughout the Netherlands and nearly 300 employees. In addition, the bank has a private banking and wealth management business. In 2005, the bank delivered a net profit of EUR28.4 million (USD 36 million).
“Banque Artesia Nederland will be a great acquisition for GE Commercial Finance and will transform our presence in the Netherlands. It has a high quality, experienced management team, strong regional network, good product mix and an excellent name in the market,” says Mike Neal, the Vice Chairman of GE and President and CEO of GE Commercial Finance. “We intend to support the bank’s continued growth and expansion and this deal furthers our ambition to become a leading provider of financing solutions to customers in all major European markets.”
GE Commercial Finance already has a presence in the Dutch market via its equipment financing and fleet business GE Capital Solutions. This acquisition will create a significant new platform for GE Commercial Finance’s lending business, which already has a major presence across Europe.
“We’re excited that GE supports our course and direction for growth and will also assist in expanding the company’s reach with the introduction of new products and services,” adds Steven Prins, the CEO of Banque Artesia Nederland. “We are well positioned for growth in the market, with a solid customer base and a long track record of customer service.”