GMAC Commercial Finance (GMAC CF) has agreed to sell all of its shares in its factoring operations in Poland to the northern European financial group SEB.
The sale of GMAC CF’s Warsaw-based factoring and promissory note discounting operation is expected to be completed by July 31, 2008.
In an official statement, GMAC CF states that the aim of the sale is to allow it to centralise all its European operations in the UK.
“The sale of this business is a positive outcome for GMAC CF as it allows us to better focus our capital and senior leadership attention on growing our UK-based core European structured finance, invoice discounting and factoring businesses,” said Gordon Titley, president, GMAC CF European operations.
SEB will retain the existing Poland management team, and its employees, and will integrate CF Poland into SEB’s existing operations in Poland.