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GE Australia and New Zealand chief executive Steve Sargent has said GE Capital is no hurry to re-introduce mortgages back into the company framework.
GE Money enraged brokers, originators and borrowers when it abruptly exited the mortgage market in late 2008 and refused to reduce its home loan rates in line with a plummeting cash rate.
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“We moved quickly and aggressively so we are well positioned now, we won’t be getting back into mortgages while I’m around,” Mr Sargent told The Australian Financial Review.
According to Mr Sargent, the company has managed to remain resilient since exiting the mortgage market and is hoping to post net profit growth in the teens for its existing business in the 2009 calendar year.
