|19 June 2009
General Motors' Thai unit loans sold to local firm
Tisco Financial Group has agreed to buy a car hire-purchase loan portfolio worth 1.75 billion baht ($51 million) from a Thai unit of General Motors, Reuters quoted Tisco as reporting the stock exchange on Thursday.
The purchase from GMAC (Thailand), a captive leasing firm of General Motors (Thailand) Limited, would help the firm expand its customer base as well as increase its hire purchase portfolio, it said.
The 10,000 retail accounts, to be transferred to Tisco Bank from July 1, have an average lease period of 15 months. The portfolio will account for about 1.4 percent of TISCO Bank assets.
Tisco Financial Group owns Tisco Bank, Thailand's second-largest car loan lender, which has assets of 126 billion baht and loans of 107 billion baht.
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