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PPI: General Electric set to open online bank

US conglomerate General Electric is expected to open the first online bank in the UK since the credit crunch.

GE Capital, the group's financial arm, will offer a range of savings accounts to attract customers from high-street banks.

It has already launched an online bank in Germany called GE Direkt, and could expand its operations by setting up a UK division within 18 months.

The Financial Services Authority has tightened up online banking regulations following the collapse of the Icelandic banks.

Around 300,000 UK consumers had deposited £4 billion in Icesave accounts before the firm collapsed, with the British government left to compensate customers.

Many companies are also trying to offer more methods of banking, such as telephone, online and branch services.

The online banking sector was created a decade ago with the launch of brands such as Egg, Cahoot and Smile.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800027311-ADNFCR

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