Deutsche Financial Will Buy Ganis Credit of Newport
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NEWPORT BEACH — Ganis Credit Corp., a unit of Bank of Boston Corp. is being sold to a unit of Deutsche Bank for $30 million.
Under terms of the agreement, Deutsche Bank’s Deutsche Financial unit in St. Louis will buy Newport Beach-based Ganis, a nationwide provider of financing to recreational vehicle and marine boat consumers, Bank of Boston said. A large portion of Ganis’ outstanding loan portfolio, representing about $1 billion in recreational vehicle and marine boat loans, has been sold separately from the transaction, Bank of Boston said.
The transaction, which is subject to regulatory approval, is expected to be completed by the third quarter.
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