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Shinsei Bank to buy consumer finance arm from GE

TOKYO, Japan - Shinsei Bank President Thierry Porte speaks at a news conference at the bank's head office in Tokyo on July 11. The bank said it will acquire GE Consumer Finance Co., a Tokyo-based financial arm of General Electric Co. of the United States for 580 billion yen to beef up its hard-hit consumer finance operations. GE Consumer Finance operates the Lake brand consumer finance business as well as credit card and mortgage businesses. (Kyodo)