GE Money looking for strategic business partner for personal, mortgage loan segments

GE Money India is seeking a strategic partner for its credit card business, trying to replicate its business model with the State Bank of India (SBI). Its partner in the joint venture is Wizard Home Loans, a non-banking finance company from Australia. 

GE Money may also give up its controlling stake in the personal loans and mortgage businesses to its partner if that partner brings in a strong brand, good customer franchise, reach, and additional products to the table. It already has such tie-ups in Korea, Indonesia, Turkey, Latin America, and India. GE Money has Morgan Stanley scouting for partners, who is believed to have approached players such as Reliance Capital and Indiabulls.