GE Consumer Finance business becomes Latitude Financial Services
Värde Partners, Deutsche Bank and KKR have completed the acquisition of GE Capital's Australian and New Zealand consumer finance business, now called Latitude Financial Services.
Latitude's CEO Sean Morrissey said, "Latitude Financial Services is a world-class financial services provider with more than 2.5 million customers and long-standing partnerships with major retailers in Australia and New Zealand.”
"While our customers and partners will see no immediate change to the best-in-class service and solutions we currently deliver, we are excited about the opportunities ahead. Värde Partners, Deutsche Bank and KKR bring a wealth of global and regional expertise to the business and together we are committed to building on and investing further in our range of innovative consumer finance products and solutions. The entire Latitude team looks forward to their support as we grow the business,” Mr. Morrissey added.
The acquisition is one of the largest private equity transactions ever in Australia and New Zealand and demonstrates the strength of the consumer finance market in the region.
About Latitude Financial Services
Latitude Financial Services is a leading consumer finance business in Australia and New Zealand, offering 2.5 million customers a broad range of finance products including personal loans, credit cards, insurance and interest free promotional and retail offers. Across Australia and New Zealand, the Business currently employs more than 2,200 staff and services its customers through a network of retailer partners, brokers, phone and the internet. The company offers a full suite of financing solutions for retail partners, managing credit applications, credit authorisation, billing, remittance and customer service processing. Its products include Gem Visa, GO Mastercard, 28 Degrees Platinum Mastercard and Latitude Infinity Rewards Card.