According to French newspaper Les Echos, Cerberus has entered into exclusive talks with GE to continue GE Money Bank, GE’s French banking unit.
Les Echos said that if the transaction closed, it would mark the first takeover of a savings bank by a fund in France.
In addition, the paper said that Cerberus would pay €7 billion ($7.63 billion) of assets, consumer credits and home loans if the transaction is approved.
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