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General Electric to net online bank

By Daily Mail Reporter
Updated: 04:02 EDT, 16 August 2010

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General Electric is thought to be setting up the UK's first new online bank since the start of the credit crisis.

GE Capital, the american conglomerate's financial arm, is looking to take on the High Street banks with a range of savings accounts.

It recently set up an internet bank in Germany and is believed to be examining opportunities in a number of other european countries as part of moves to diversify its funding base with customer deposits.

The online banking sector, which launched a decade ago with brand names such as Egg, Cahoot and Smile, came under the spotlight when Icelandic bank Icesave collapsed.

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