Clarification on Transamerica and Household International
The consumer-finance and credit-card giant purchased Transamerica’s $3.3 billion-asset, 420-branch consumer-finance operation for $1.1 billion in cash. This strategic move will put Household in some 970 offices around the country, and boost its assets to $50 billion. It will also add $3 billion in home-equity and mortgage loans to Household’s existing portfolio.
Household International did not purchase all of Transamerica. “Only the consumer finance operation was purchased by Household International” said Household -HSBC Watch. “It was purchased by Household in 1997.”
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