GE Consumer Finance becomes "Latitude Financial Services" and appoints new CEO
Värde Partners, Deutsche Bank and KKR (the "Consortium") announce that Sean Morrissey has today been appointed as the Chief Executive Officer designate of Latitude Financial Services, which will be the new name of the GE Consumer finance business in Australia and New Zealand (the "Business"). This appointment will take effect upon the completion of the A$8.2 billion acquisition of the Business by the Consortium which was announced in March. The acquisition is pending closing.
Mr. Morrissey will join the Business from GE Money Bank Czech Republic, where he was Chairman of the Management Board and CEO of the bank's operations in the Czech Republic and Slovakia. He will relocate to Melbourne from Prague for the role.
"We are excited to have Sean join to head an already strong leadership team. Sean's established record of growing businesses, proven leadership capabilities, and international experience will complement the local team's deep Australian and New Zealand market knowledge and capabilities," said Ed Bostock, Director, KKR Australia, on behalf of the Consortium. "Working together, we are confident that they will maximize the company's growth."
"The Business is already a trusted leader within the consumer lending space and I am honoured to join the company as it embarks on its exciting transition to a standalone entity," said Mr. Morrissey. "Today we announce our new corporate name, Latitude Financial Services. This name will take effect from completion of the acquisition of the Business by the Consortium. I am very excited by the growth potential of Latitude Financial Services and the opportunity we now have to further invest and build on its current strengths. The Business is a world-class company with deep customer relationships, innovative products, strong brands and an experienced and talented team of employees."
The Business is a leading financial services provider offering a range of services and products including personal loans, credit cards and interest free retail finance. It has more than 2.5 million customers and is a long-standing partner to many of the major retailers in Australia and New Zealand. All of its products and services will remain under the company following its transition to a standalone business.
Mr. Morrissey has been at GE since 2000 and has held various CEO positions at GE Capital including the Czech Republic, Hungary, Germany and Denmark. Most recently at GE Money Bank Czech Republic, a full-service bank that is one of the largest financial institutions in its country, Mr. Morrissey oversaw the development of strong and innovative consumer products, the acquisition of its leasing subsidiary and its entry into Commercial Real Estate lending.
Prior to his time at GE Money Bank Czech Republic, Mr. Morrissey was the CEO of Budapest Bank Group, where he is credited with successfully leading the bank through the financial crisis from 2009 to 2011. Before joining GE he held senior roles in the UK at BMW Financial Services Group and Ford Credit Europe. He received his Bachelor of Science (Hons) in Mathematical Studies from the University of Plymouth.
About the Business (to be renamed Latitude Financial Services)
The Business 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.
About Värde Partners
Värde Partners is an approximately $10 billion global alternative investment firm that employs a credit-oriented, value-based approach to investing across a broad array of geographies, segments and asset types, including real estate, corporate credit, residential mortgages, specialty finance, transportation and infrastructure. The Firm provides the highest level of service to a select group of sophisticated global investors including foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Founded in 1993, Värde employs 200 people with offices in Minneapolis, London and Singapore.
About Deutsche Bank
Deutsche Bank is a leading global bank. Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany's leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world‐class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR's website at https://www.kkr.com/ and on Twitter @KKR_Co.