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Crédit Mutuel unit acquires GE's leasing and factoring biz in Germany, France

BanqueFédérative du Crédit Mutuel SA completed the acquisition ofGeneral Electric Co.'sleasing and factoring businesses in France and Germany, following regulatoryapprovals from the European Commission, the ECB, the Autorité de contrôle prudentiel et derésolution and Bafin.

The leasing and factoring businesses in France will operate underthe names CM-CIC Leasing Solutions and Factofrance, respectively. In Germany,they will operate under the name Targo Commercial Finance, the unit said July 20.

General Electric said the same day that its commercialfinance employees in France and Germany will be joining Banque Fédérative duCrédit Mutuel.