GE eyes JV for home loan biz
Taking a cue from the success of the joint venture between the State Bank of India and GE Capital for the credit card business, the latter is keen to replicate the same model for its home loan portfolio, reports Mahua Venkatesh.india Updated: Nov 29, 2009 20:22 IST
Taking a cue from the success of the joint venture between the State Bank of India and GE Capital for the credit card business, the latter is keen to replicate the same model for its home loan portfolio.
It is scouting for a joint venture partner to expand its home loan business. It would soon initiate talks with banking entities on the issue. The company said that talks are at an initial stage for the same.
Following the global meltdown, the non-banking finance company scaled down its mortgage business significantly.
“We are just starting talks, it could be either a private or a public sector bank,” said Anish Shah, president and CEO, GE Capital India. “Mortgage is a scale business, we want to play in a select way but make a value proposition.”
Shah added that the joint venture model could be looked at several other business, which come under the umbrella of commercial financing. It is likely to look for a joint venture partner for strengthening its infrastructure fund as well.
“The infrastructure story in India is still at a nascent stage, the landscape would be very different in the next five to six years,” Shah said, adding that the focus would be on sectors like roads, ports and capital goods.
The US conglomerate is also set to hire senior level executives to expand its business in India. Currently, it has 12,000 employees in the country.