Richard Gaskin, who has run GE Capital Woodchester’s UK consumer and motor finance operation for the past two years, is taking over as president of the newly formed GE Money Russia business next month.

The UK operation, due to be rebranded GE Money UK over the summer, is headhunting for a replacement.

Formerly Delta Bank, before being taken over by GE, the Russian business is described by Gaskin as a general bank. “Growing automotive finance sales is one of our big opportunities and we are already talking to some of the manufacturers who are entering the market,” he says.

Gaskin committed GE Capital to raising the ratio of new cars it funds from the low baseline of 30% by fostering point of sale selling skills and “responsible lending through reasonable APRs”.

He advocated working closely with retailers and reducing the amount of administration carried out by field staff, enabling them to concentrate on under writing while matching working hours to those of the showroom personnel.