News
GILD Bankers advised General Financing in a trade sale to Société Générale Consumer Finance
Société Générale Consumer Finance announced the acquisition of General Financing, a Lithuanian entity specialized in consumer credit activities. GILD Bankers, an independent investment bank in Emerging Europe, advised majority shareholders of General Financing.
Headquartered in Vilnius, General Financing, offers a wide range of consumer financing solutions, from “direct” to “point-of-sales” financing. With a network of five branches and the partnerships with more than 350 points of sales, General Financing operates in the major cities of Lithuania.
Jean-François Gautier, Head of Specialized Financial Services of Société Générale Consumer Finance declared: “The acquisition of General Financing allows us to set foot on the new fast-growing market while relying on the local knowledge of one of the leaders of consumer finance in Lithuania."
“This acquisition is a timely coincidence of Société Générale strategic entry to Lithuanian consumer finance market and of General Financing’s goal to have a strong, established funding base necessary for furhter rapid expansion,” commented Karolis Pocius, partner at GILD Bankers.
“With the coming of Societe Generale Consumer Finance, UAB „General Financing“ has completed its first stage of development and obtained one of the strongest possible partners to expand further its market share. Despite a controversial macroeconomic outlook the company is now set for rapid expansion”, announced general manager of General Financing Mr. Raimondas Rapkevičius.
This acquisition completes the Société Générale Group’s Specialized Financial Services offer in the Baltic States, which already comprises ALD Automotive (“Operational Car Leasing and Fleet Management” in Estonia, Latvia and Lithuania) and InservissCredit (“Consumer Finance subsidiary” in Latvia). This latest move reinforces the geographical coverage of Société Générale Consumer Finance, which is now present in 28 countries.
UAB „General Financing“ was established in 2005, the largest shareholder before the sale remained „Avestis Capital“.
Société Générale is one of the largest financial services groups in the euro-zone. The Group employs 151,000 people worldwide in three key businesses: Retail Banking & Financial Services, Global Investment Management & Services and Corporate & Investment Banking. Société Générale Consumer Finance manages the international consumer finance activities of the Group. It employs more than 20 000 persons and manages subsidiaries in 28 countries with over EUR 24 bn outstanding.
GILD Bankers is an independent investment bank in Emerging Europe with a leading position in the Baltic countries. Our core services are management of alternative funds, investment banking and private banking. GILD has offices in Estonia, Latvia, Lithuania, Ukraine, Bulgaria and the United Kingdom, and our area of activities and investments extends to all emerging economies in Europe and its vicinity. According to audited financial results, in 2007, the GILD Bankers Group (AS GILD Professional Services) generated consolidated net fee and commission income of EUR 8.6 mln and tripled net operating profit to EUR 5.2 mln.
For additional information, please contact:
Kadri Kütt
Communication Manager
GILD Bankers
kadri.kytt(at)gildbankers.com
+372 56 800 467