GE Capital has acquired Credit Agricole Commercial Finance UK – formerly known as Eurofactor UK Ltd. The accounts receivable financing business lent over £3 billion through invoice financing to UK companies in 2010 and will increase the lending capacity of the receivables finance branch of GE Capital by 60%.
GE Capital is already an established AR finance provider – lending more than £4 billion in 2010. The company also acquired the Royal Bank of Scotland’s accounts receivable finance businesses in France and Germany in the same year.
Richard Laxer, President and CEO of GE Capital EMEA, explained in a statement that the acquisition would allow GE Capital to extend financing to SME’s which provide more than 65% of European GDP. GE Capital provides asset-based lending, inventory finance, leasing, fleet services and corporate lending.