GE picks up First National

Abbey National has sold most of its First National consumer credit arm to GE for £848m But the disposal excludes First National Motor Finance.

The deal includes First National mortgage book and Tricity Finance, which offers finance to customers in stores. The division also includes home improvement loans and time share finance.

First National Motor Finance, which is valued at around £150m, stays on the market – with Lloyds TSB continuing to be the frontrunning purchaser.