Wizard Home Loans' overseas offshoot, Wizard International, will not face any changes to its business as a consequence of GE Money's decision to sell a buyer for its consumer finance and personal loan business in the Indian market.
The Economic Times reported yesterday that General Electric had hired Morgan Stanley to find a buyer for GE Money's Indian operation.
A GE Money spokesperson said the group would maintain its presence in India through joint ventures and partnerships.
Locally, a Wizard spokesperson said Wizard International, which has a big strategic focus on India, operated under a separate joint venture.
The business is a joint venture between GE Money, Wizard founder Mark Bouris and James Packer's CPH.