The company, which supports UK motor retailers through stock funding and providing financial products for point of sale, will be bought by the Spanish finance house as part of a deal with GE, which sees both groups exchange certain European banking assets.
Banco Santander of Spain will acquire GE Money's businesses in Germany, Finland and Austria as well as its card and auto businesses in the United Kingdom. Banco Santander will integrate the new operations into its consumer finance and cards divisions.
GE will receive Interbanca, an Italian commercial bank Banco Santander acquired as part of the purchase of ABN Amro Holdings NV. Interbanca will become part of GE's commercial finance division.