Standard Chartered buying GE unit in Singapore

LONDON: Standard Chartered PLC says it has signed an agreement to buy GE Commercial Financing ( Singapore) Ltd.

The bank did not disclose the price in its announcement on Monday.

GE Commercial Financing in Singapore is a specialist in hire-purchase financing and small and medium-sized enterprise factoring. Factoring is buying invoices at a discount from businesses.

Standard Chartered said the deal has received regulatory clearance and should be completed by the end of the month.