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NEW YORK - GE Money and Commercial Finance, a unit of General Electric Co., on Thursday agreed to exchange certain European banking assets with Banco Santander SA.
The asset exchange is worth about 1 billion euros ($1.57 billion).
As part of the deal, Banco Santander of Spain will acquire GE Money's businesses in Germany, Finland and Austria as well as its card and auto businesses in the United Kingdom. Banco Santander will integrate the new operations into its consumer finance and cards divisions.
GE will receive Interbanca, an Italian commercial bank Banco Santander acquired as part of the purchase of ABN Amro Holdings NV. Interbanca will become part of GE's commercial finance division.
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