Published Date : Dec 02, 2015
Capital One Financial Corporation has announced on Tuesday that it had completed the acquisition of the Healthcare Financial Services lending business of General Electric Capital Corporation.
The company has said that the newly acquired business will be merged with the healthcare banking business of Capital One and will be called Capital One Healthcare. The healthcare banking business of Capital One is a leading financial services provider to the healthcare industry and has over US$11 bn in total outstanding balances.
The new organization to be formed from the merger of Capital One’s and General Electric Capital’s financial services will offer tailor made financial solution to help grow and support companies, and provide financing to companies in a number of healthcare sectors such as senior housing, healthcare services, medical offices, hospitals, medical devices, healthcare IT, and pharmaceuticals.
The former president of the GE Capital, Darren Alcus, has been named the president of the new venture.
Michael Slocum, Capital One's Commercial Bank’s President, said that the union brings together two strong teams under Capital One Healthcare’s umbrella. Together, the teams will share a common culture and values and will be able to provide the clients with tailor-made financial solutions that the clients need. The union will help in capitalizing the new venture on the significant growth prospects in the healthcare sector.
Darren Alcus spoke about the merger that it is an exciting opportunity for the Healthcare team of Capital One and that he looks forward to continuing to serve the many clients in the dynamic healthcare industry of the globe.
He added that the combination is a representation of industry best financing professionals and domain experts, with a proven track record of delivering critical finance related solutions for companies in the healthcare sector.