It’s business as usual at Pacific Premium Funding following the 100% purchase of the company by GE Commercial Finance last week.

New Pacific Chairman Grant Burley says GE doesn’t want to change a thing, with co-founder Stuart White stepping into the MD role Mr Burley vacated last week. No other personnel changes at any level are planned.

“People aren’t going to notice any changes because there really aren’t any,” Mr Burley told insuranceNEWS.com.au last week. “Even the name stays the same.”

It’s understood the deal required GE to pick up PPF’s remaining 25% stake in the business. Terms were agreed in February and completed on April 4.

The two companies set up a joint venture in August 2004, with GE taking a 60-40 majority and Pacific providing much of the expertise.

Mr Burley told insuranceNEWS.com.au it’s time for him to relinquish some control.

“It was always our intention at some point to make a sale to GE, and for personal reasons now is the right time to do that.”

“[By retaining] me in the role of Chairman and Stuart White as MD, they’ve shown they’re happy with the way the business has grown and been run,” he said.

So happy that even the name won’t be changed. “When GE has acquired other businesses with strong brands it has sought to maintain them,” he said.