General Electrics to offer banking services in Japan

General Electrics to offer banking services in Japan

General Electric already has a presence in the finance sector in India in the form of GE Capital. They are now aiming to making an entry into the Japanese retail banking industry. As per the newspaper Yomiuri Shimbun, they can make an entry into this business as soon as next year. General Electrics is a major U.S. manufacturer and financial house and would be considering a merger with, or investment in, a Japanese financial institution.

The newspaper quoted Yoshiaki Fujimori, chairman of GE’s Japan office who revealed this information in an interview yesterday. General Electrics has huge experience in this field as they also run international banks in some European countries. And they are contemplating opening a branch of one of those operations in Japan.

However, since this way to enter the financial markets would take sometime to happen, the company might take some other way around to get a great beginning in Japan. They already own a consumer loan business in Japan, which they acquired on buying lender Lake Co. in 1998. The company then launched consumer financial products including home loans.