You are here: Home - News -

GE Capital enters the UK mortgage market

by:
  • 10/08/2001
  • 0
Sub-prime lender, igroup has been acquired by US financial services giant GE Capital, marking its fi...

Sub-prime lender, igroup has been acquired by US financial services giant GE Capital, marking its first move into the mortgage market.

GE Capital’s move, which will add £1.6bn of mortgage assets to the company’s portfolio, is more evidence that the sub-prime sector is at last coming of age.

Joe Dlutowski, chief executive of igroup, said: ‘Non-conforming lending is proving to be one of the fastest growing sectors of the UK mortgage market and our relationship with GE Capital will allow us to participate in this growth to the fullest extent.’

Ivan Royle, director of communications at GE Capital Group Europe, said that igroup would be a great asset to the company, adding that the move should in no way change the service provided to igroup customers.

‘We believe this acquisition gives us an exciting new product to complement our existing businesses. It is clearly a great market and we are looking forward to welcoming igroup into the GE Group family.

‘The company has grown an excellent client and distribution base so we have no plans to change anything about the business or the products it provides,’ added Royle.

Bill Cherry, managing director of rival sub-prime lender SPML, said that the acquisition would be positive for the market and proved that there is growing confidence in the non-conforming sector. ‘The financial sophistication of GE Capital is a vote of confidence in the sector. GE Capital is known for its diligence in acquisition, so this goes to show how the market is growing,’ he said.

Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Exclusive products from Exchange

By Ben Marquand The Exchange is set to launch a new range of mortgage services which will include ac...

Close