StanChart to buy GE Money

Standard Chartered bank has confirmed plans to buy the Singapore-based firm GE Money.

Standard Chartered has not revealed the offer price for the car and personal loans provider, but said GE Money had assets worth $1.8bn (£1.13bn).

General Electric has been trimming back its finance arm GE Capital since the financial crisis hit.

the company offloaded its Hong Kong-based consumer finance business to Standard Chartered last year.

The Singapore deal is due to be completed in the first quarter of this year, as long as regulators give the go ahead, it said i a statement.