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GE cleared to buy Pacific Retail

The Commerce Commission has cleared GE Finance and Insurance to acquire the business and assets of the Pacific Retail Finance Group.

Wednesday, January 18th 2006, 6:47PM
The group is made up of: Pacific Retail Services, Pacific Retail Finance, Montreal Financial Services and a 100% shareholding in Simply Insurance New Zealand.

Commission Chair Paula Rebstock said that the Commission was satisfied that the proposed acquisition would not have, or would not be likely to have, the effect of substantially lessening competition.

GE Finance and Insurance Limited is part of the US conglomerate, General Electric Co. General Electric is principally listed on the New York Stock Exchange. In New Zealand GE Finance’s products include revolving credit, personal loans, mortgages, automotive loans, and insurance.

Pacific Retail Finance Group is a collection of subsidiaries of Pacific Retail Group Limited. The Pacific Retail Group is a New Zealand Stock Exchange-listed investment company focused on the consumer sector.

The finance group provides financial products including hire purchase finance to consumers via retailers, personal loans and consumer credit insurance, and retail debenture investments.

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