GE wants to take deposits, but not as a bank

GE Money said the group was almost finished bedding down its $510 million acquisition of Wizard Home Loans, but that it was always on the lookout for other targets. “If you look at the suite of products we have and the amount of growth, we really feel we've got quite a bit to keep us focused,” said GE Money’s chief executive Steve Bertamini. GE said “we don't really want to be a bank, we want to be different to a bank. We want to be less formal, faster and more flexible, more contemporary. We may take deposits in this market because we think it will help us with our funding strategies, we think it might be a good profit opportunity down the road but it is not because we want to be a bank.”

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