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The departure of Germany’s Deutsche Bank AG from RV industry-related lending was completed last week with E*Trade Group Inc.’s acquisition of the bank’s Ganis Credit Corp. subsidiary.
Ganis was a major source of financing for retail buyers of RVs and its acquisition “allows us to strategically expand our suite of lending products while meeting our target for credit quality,” said Arlen Gelbard, chief banking officer and president of E*Trade Bank.
E*Trade, perhaps, is best known as an online stock brokerage, and it will continue marketing loans directly to RV buyers as well as indirectly, through RV dealers.
Terms of the transaction were not revealed.
Earlier, on Nov. 1, Deutsche Bank completed the sale of its Deutsche Financial Services (DFS) dealer inventory finance business to GE Commercial Distribution Finance, a unit of GE Capital, the financial services subsidiary of diversified manufacturer General Electric Co.
DFS, a major source of RV dealer floorplan financing, was acquired by GE Commercial Distribution Finance for $2.9 billion, which included the purchase price plus the repayment of debt.
In addition to RV dealers and manufacturers, DFS provided financing to industrial equipment, technology products and marine products dealers and manufacturers.
Deutsche Bank sold its RV industry-related assets to raise cash because it has had to write-off bad loans and bad stock investments in companies such as bankrupt telecommunications industry giant World Com Inc.