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BULLETIN: E*TRADE Bank to Acquire Ganis Credit Corp. Nov 02
Standard & Poors, Nov 2002
Abstract
E-TRADE Bank (BB/Negative/B) has signed a definitive agreement to acquire Ganis Credit Corp., the U.S.-based consumer finance unit of Deutsche Bank AG. The addition of Ganis Credit does not have a material impact on Standard & Poor's credit profile of the bank. This transaction will help boost E-TRADE's anemic net interest margin and diversify the loan portfolio, although with higher risk assets. It does, however, call into question the direction of E-TRADE's distribution strategy. Genis Credit is primarily an indirect lender, in contrast to E-TRADE, which operates almost entirely through the Internet. Additionally, cross-sell opportunities will be limited....
Companies mentioned in this report are: E-TRADE Bank,Deutsche Bank AG
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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