Launch of My Money Bank Follows Cerberus’ Acquisition of GE Money Bank
New York & Paris – March 28, 2017 – Cerberus Capital Management, L.P. (Cerberus) today announced the creation of My Money Bank, an independent French bank consisting of the former GE Money Bank operations in mainland France and the French Overseas Territories (the DOMs). The completion of the sale of the GE French consumer finance business to a Cerberus affiliate was announced earlier today.
My Money Bank will continue to operate retail banking activities in mainland France and the DOMs, and the management team of My Money Bank will remain in place. Éric Shehadeh, who has been the head of GE Money Bank France & DOMs since 2013, has been named Chief Executive Officer. Alain Demarolle, the former Chairman of LCH Clearnet SA, has been appointed Chairman of the Board of Directors.
“As we launch My Money Bank today, we are excited about the future and having the support of Cerberus whose partnership will enable our company to continue to grow and give us the additional strength and operational expertise to succeed in our industry,” said Mr. Shehadeh. “My Money Bank’s talented teams, both in mainland France and French Overseas Territories, remain laser-focused on serving their customers, including anticipating and delivering on their needs, and maintaining the highest standards of regulatory compliance and consumer protection. We are eager to build on our business’ well-established track record in consumer finance.”
About Cerberus Capital Management
Established in 1992, Cerberus Capital Management, L.P. is one of the world’s leading private investment firms. Cerberus has more than US $30 billion under management invested in three complementary strategies: global credit opportunities (which includes non-performing loans, corporate credit & distressed debt, mortgage securities & assets, and direct lending); private equity; and real estate. From its headquarters in New York City and network of affiliate and advisory offices in the U.S., Europe and Asia, Cerberus has the on-the-ground presence to invest in multiple asset classes globally.
About My Money Bank
My Money Bank is an independent French bank, focused on retail banking and consumer finance including credit consolidation, auto finance, consumer credit, and deposits. The bank is focused on providing its clients superior customer service and financial solutions. My Money Bank currently operates across France and in the French Overseas Territories with facilities including a head office in Paris, an operational center of excellence in Nantes, seven sales offices in Metropolitan France and a presence through its subsidiaries in Guyana, Martinique, Guadeloupe (Somafi-Soguafi), the Reunion Islands (Sorefi) and New Caledonia (Socalfi).