GE Capital acquires Crédit Agricole Commercial Finance UK

Eurofactor as was has been acquired by GE Capital in an interesting move that should strengthen it’s position as a “big ticket” factoring organization as well as in Europe.

I’ve always had a bit of soft spot for GE as I started out my factoring career at H&H Factors as it was then called more decades ago than I care to remember. It’s had a bit of a chequered history in recent years as it seems that they could never make up their minds where in the market place they wanted to be, having bought Five Arrows Commercial Finance three years ago in order to gain more exposure in the smaller company sector they then proceeded to unload many of their clients, seemingly in a change of mind.

The press release announcing the acquisition of Crédit Agricole Commercial Finance states “Following the acquisition, GE Capital will have in excess of 500 clients across the UK” which should compared to the press release issued three years ago when they took over Five Arrows which stated “Following the acquisition, GE Commercial Finance, Business Finance will have more than 1,000 customers across the UK.” Seeing as Crédit Agricole recently claimed to have 258 clients it would seem that GE have lost a huge number of clients in the last three years

Nevertheless this should be an interesting development and I wish them every success

GE Commercial Finance laying off their sales team

It has come to our ears that GE Commercial Finance have just made 40% of their sales team redundant with the focus of the lay offs being with the salesmen inherited from Five Arrows after the take-over last year.

The lending targets have also been halved which is interesting as we didn’t think that GE were approving any new deals at all.