Santander to buy GE consumer financing business in Northern Europe

Reuters
A woman walks past Santander bank branch in Rio de Janeiro
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A woman walks past Santander bank branch in Rio de Janeiro October 7, 2009. REUTERS/Sergio Moraes

MADRID (Reuters) - Spain's largest bank Santander said on Monday it has agreed to acquire GE Money Bank, GE Capital's consumer finance business in Sweden, Norway and Denmark, for 700 million euros ($950.29 million).

The deal is expected to close in the second half of 2014 and will have an impact of 8 basis points on Santander's core capital, the bank said in a statement to the stock market regulator.

($1 = 0.7366 euros)

(Reporting by Paul Day; editing by Jason Neely)

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