Targo Commercial Finance

from Wikipedia, the free encyclopedia
  Targo Commercial Finance
logo
Headquarters in Mainz
Headquarters in Mainz
Country GermanyGermany Germany
Seat Mainz , Rhineland-Palatinate
legal form Corporate division ( AG until 2018)
Bank code 550 305 00
BIC CPLA DE55 XXX
founding 1964 (as Heller Factoring Bank)
Website www.targobank.de
Business data 2017
Total assets 3.034 billion euros
Employee 267
management
Board Pascal Laugel (chairman), Berthold Rüsing, Maria Topaler
Supervisory board René Dangel

Targo Commercial Finance (formerly Heller Bank , or GE Commercial Finance ) is a division of Targobank , which in turn belongs to the French cooperative bank Crédit Mutuel . Targo Commercial Finance mainly offers factoring and leasing solutions from its location in Mainz .

background

The history of the former Heller Bank goes back to Walter E. Heller, son of a Hamburg emigrant, in 1919. The place of foundation was Chicago / Illinois. About ten years later, the commercial finance company Walter E. Heller & Co. became the world leader in factoring with medium-sized customers, mainly from the furniture and textile industries . As one of the pioneers for factoring in Germany, the company started as Heller Factoring Bank in Mainz as early as 1964.

Twenty years later, Fuji Bank took over the American parent company. In 1990, what was then the Dutch bank NMB, a predecessor of today's ING Groep , acquired a 50% share in the German subsidiary, which was then integrated into NMB Heller Holding. In 2001, GE Corporate Financial Services of GE Commercial Finance , a financial services division of the major General Electric , took over the American parent company Heller Financial from Fuji. With the takeover of the remaining 50% shares in ING's German subsidiary in 2005, the company finally became a wholly-owned subsidiary.

In 2007, GE Capital acquired the leasing companies Diskont und Kredit AG, Disko Leasing GmbH (DISKO) and ASL Auto Service-Leasing GmbH (ASL) from KGAL . The companies Discount and Credit and Disko Leasing were integrated with GE Equipment Finance, ASL merged with GE Fleet Services. Since October 2008, the Heller Bank has operated together with Discount and Credit in Germany as GE Capital Bank. In July 2010, GE Capital also took over the German factoring business of the Royal Bank of Scotland (RBS) with RBS Factoring GmbH.

From July 2010, the bank also offered private customers overnight money accounts under the GE Capital Direkt brand . However, Capital Bank initially stopped the advertising campaign for the GE Capital Direkt call money account from August 7, 2010 due to the unexpectedly great success and the numerous account applications associated with it.

In August 2016, the leasing and factoring business of the German GE Capital operating under the name GE Commercial Finance was taken over by Crédit Mutuel and has since operated under the name Targo Commercial Finance . In 2018, Targo Commercial Finance AG was merged with Targobank AG, Düsseldorf.

Web links

Individual evidence

  1. ↑ a b Master data of the credit institute at the Deutsche Bundesbank
  2. ↑ Business register. Retrieved July 24, 2019 .
  3. ↑ Markus Dentz: Targo Commercial Finance in transition. In: Finance. August 1, 2018, accessed July 24, 2019 .
  4. ↑ General Electric expands offer for medium-sized companies. In: Handelsblatt. June 17, 2005, accessed July 24, 2019 .
  5. ^ Börsen-Zeitung . No. 125 , July 3, 2010, p. 5 .
  6. ↑ Markus Hinterberger: High percentage against the interest pangs . In: Börse Online . July 9, 2010.
  7. ↑ GE Capital Direkt discontinues the application for the call money account. In: forium.de. August 6, 2010, accessed July 24, 2019 .
  8. ↑ Crédit Mutuel renames factoring and leasing business from GE Capital Germany to Targo Commercial Finance. In: finanzen.net. August 10, 2016, accessed July 24, 2019 .
  9. ↑ Federal Gazette: Targobank AG annual financial statements as of December 31, 2018. Accessed on March 16, 2020 .

Coordinates: 49 ° 58 ′ 40.8 ″  N , 8 ° 17 ′ 28.9 ″  E