When a British investment house decided to unload an ill-fitting credit business, it drew up a list of preferred buyers including a UK clearer and a Dutch bank. Deliberately left out of the bidding was GE Capital Services (GECS), the finance arm of General Electric, the world’s largest company, which is keenly interested in vendor financing and had been trying to acquire the business, Pallas Group, for several years.
“We were not on the list because we have a reputation for buying cheap and tying our contract parties up in knots,” says Christopher Mackenzie, president of GE Capital Europe.
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