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BAC-Credomatic's management team, led by CEO Ernesto Castegnaro, and board chairman Carlos Pellas will continue in their current capacities. Terms were not disclosed.
"Our partnership with Carlos Pellas and BAC-Credomatic has performed very strongly over the last four years, and we look forward to continuing the successful development and growth of the bank," said Dmitri Stockton, president and CEO of GE Capital Global Banking. "We have a great deal of confidence in the management team at BAC-Credomatic and we look forward to continuing our productive relationship."
"Having GE as a partner has been a tremendous asset to BAC-Credomatic, and has helped us to accelerate our strategic growth. I am looking forward to continuing to work with GE on this exciting next phase of BAC-Credomatic's successful growth and development," said Carlos Pellas, BAC-Credomatic's chairman.
Tracing its history to 1952, BAC International Bank has operations across Central America, including Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama, with approximately $7.5 billion in assets, and $4.7 billion in deposits.
About GE Capital Global Banking
GE Capital's Global Banking business offers smart, flexible financial solutions to customers in 26 countries worldwide. From credit cards and personal loans, to auto financing, savings products, and many other innovative financial products, GE Capital Global Banking has a rich history of helping our clients and partners meet their business goals and achieve their dreams.
The Global Banking group is part of GE Capital, the global finance unit of General Electric, which provides a wide array of products and services to consumers, retailers and businesses around the world. To learn more about GE Capital and its parent Company, General Electric (NYSE: GE), please visit www.ge.com. GE is Imagination at Work.
About GE
GE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com. GE is Imagination at Work.
SOURCE: General Electric
GE Capital Global Banking Bob Rendine, +44 207 853 1925 Robert.rendine@ge.com or GE International - Latin America Ramon Lopez, +52 555 257 6288 Ramon.lopez@ge.com
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