Cerberus Capital Management acquired My Money Bank from General Electric.

Investment company Cerberus Capital Management created Money Bank, an independent French bank by acquiring the former GE Money Bank operations in mainland France and the French Overseas Territories. Financial terms were not disclosed. “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,” Éric Shehadeh, head of My Money Bank.