Tuesday, 1 April 2008
Finland GE Money ... A Spanish Branch?
We know that Sampo Bank is not any more a Finnish Bank but instead a Danish one.
GE Money Finland, which belonged to General Electric Co from the U.S. is being sold to Banco Santander SA, a Spanish Bank.
So you wonder about the Finnish entrepreneurship...as it has been mentionned we still have "banks" in Finland, but somehow you wonder why they never thought about expansion or consolidation (is that due to the early 90's traumatism?)
Instead we got investor like Bjorn Wahlroos that managed to take advantage to the Finnish financial crisis in the beginning of the 90's to build up within 10 years Sampo, package it and sold it, taking on the way a massive profit, to Danske bank which is, most probably, in desperate search of deposit and collateral.
Has the Finnish entrepreneurship disapeared?? is the Finnish Financial system a foreign matter with little control from Finland?
The bit that is worrying is the fact that the Spanish bank could decide to increase sharply debt servicing if suddenly they are in need of cash...when the Spain housing market deteriorate end of this year? unless the ECB decide to follow the U.S. and bail out any investment institution by printing money and ignoring inflation...