New Delhi: The newly appointed CEO and President of GE Money India has said that the organization is actively looking for a strategic partner for its wholly-owned mortgage and personal loan business. A strong brand with good customer base, extensive network and vast array of products will be an ideal choice for the partnership and according to Mr. Singh, if such an entity is interested, GE Money is prepared to give up the controlling interest in this business.
GE Money has strategic partnerships with leading banks and financial institutions for its various business. In the credit card domain, GE Money has tied up with the largest public sector bank in India, the State Bank of India (SBI) and floated a joint venture called the SBI Cards. In the area of home loans, GE Money has partnered with the Australian home loan major, Wizard and provides home loan at 9.99% interest rates, one of the lowest ones prevailing in India.
The CEO denied the fact that GE Money was preparing to sell and exit this business and said, "I won’t be coming here to India if we are looking to completely exit these businesses." Iqbal Singh will take over as the CEO and President of GE Money India from February 1, this year.
Iqbal Singh has had an illustrious career in finance domain and he was the Chief Marketing Officer for GE Money Asia, and CEO of Singapore business of GE Money before deciding to take over as the CEO GE Money India. He has replaced Mr. Vishal Pandit, who has decided to look for other avenues.