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GE Capital buys loan assets from SCF subsidiary

Monday 23rd May 2011

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GE Capital's equipment finance business has bought more than $100 million of commercial loan assets from South Canterbury Finance's (SCF) plant and equipment finance specialist, Face Finance.

SCF receivers Kerryn Downey and William Black of McGrathNicol said the deal followed a competitive sale process, and represented a key milestone in the realisation of SCF's loan book assets.

Previously they said Face had operated on a largely standalone basis from the rest of the South Canterbury Finance group, with a separate distribution network and customer relationships.

 

NZPA



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