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S.A.C. PCG to invest in Cosmos

S.A.C. PCG to invest in Cosmos

S.A.C. Private Capital Group, LLC and GE Money, the global consumer lending unit of the General Electric Company, will be investing US$900 in local financial player Cosmos Bank.
Cosmos Bank announced yesterday that it has signed a memorandum of understanding with S.A.C. PCG and GE.
Under the terms of the agreement, S.A.C. PCG would invest US$650 million through a combination of newly issued preferred shares and convertible bonds. GE Money would invest an additional US$250 million in newly issued common shares and convertible bonds.
Together, SAC PCG and GE Money would hold approximately 80 percent of the fully diluted interest in Cosmos Bank upon completion.
"This is an important step for the future of the bank. With S.A.C. PCG and GE Money managing Cosmos' future together, I anticipate Cosmos will be able to build on their strengths and obtain new skills while leveraging its existing consumer base," Cosmos Bank Chairman Hsui Sheng-fa said.
The proposed investment is expected to be completed in the fourth quarter of the year, and is subject to execution of definitive agreements and conditions therein, including Board of Directors, shareholder and regulatory approvals, the bank said.
GE Money has been a strategic investor in Cosmos Bank since June 2006. Cosmos has made significant progress in key areas such as strengthening risk management, cash and credit card business units, expanding Cosmos' wealth management portfolio and improving collections and operational capabilities.
Established in 1992, Cosmos Bank has grown to become a leading financial services provider and a pioneer in consumer finance products in Taiwan. Cosmos Bank operates a distribution network throughout Taiwan, which includes 63 branches, nine corporate centers, nearly 200 auto lending machines, and over 400 ATMs and Auto Deposit Machines.
S.A.C Private Capital Group is a newly formed private equity group affiliated with SAC Capital Advisors, LLC. Founded in 1992, SAC is a multi-strategy, asset management firm.
GE is a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, and media content, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide.
With more than US$190 billion in assets, GE Money, the consumer financial services unit of GE, is a leading provider of credit services to consumers, retailers, and auto dealers in 55 countries around the world, the company said.
Based in Stamford, Connecticut, GE Money offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance.


Updated : 2021-04-13 04:16 GMT+08:00