Argentina's Grupo Supervielle has reached an agreement to buy the local operations of GE Money, including the consumer credit services for Walmart Argentina.

The acquisition will give Grupo Supervielle exclusive rights to provide consumer credit services for customers of the Wal-Mart and Changomas stores.

According to Supervielle, GE Money’s portfolio currently totals $127m and has 330,000 card customers In Argentina.

Stephen White, spokesman of GE Capital, said: “The transaction is in line with GE’s global objective to reduce capital size and refocus its resources in other areas of the company,” reported the Wall Street Journal.

In a statement Supervielle said: “The acquisition will reinforce Grupo Supervielle’s position in the unbanked consumer credit segment, where it already offers micro-credit through Cordial Microfinanzas and consumer credit through Tarjeta Automatica.”

The transaction is subject to the approval of the Central Bank of Argentina.