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GE Capital has no plans to move back into mortgages or the automotive loan sector.
GE Capital’s head of Australian operations Skander Malcolm told Sky News’ Sunday Business yesterday that access to funding was still tough for smaller lenders compared with the major banks.
According to Mr Malcolm, Australia’s major banks have much larger deposit bases and could therefore attract more money, which they then loan out.
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GE exited the mortgage and automotive market during the global financial crisis because they thought it would be tough to lend.
Mr Malcolm told the television program that GE's funding requirements became a lot easier following the lender's decision to exit the home loans market.
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