The finance company plans to sell mortgages through independent brokers across Canada by year-end, and is trying to hit its market share target in three years, he said. GE Money started selling mortgages in Ontario last year, and has since become licensed in Alberta and British Columbia.

"We're on a pretty significant growth trajectory, but growing from zero," Motta, 43, said in a telephone interview.

"It is a longer-term vision we have for the Canadian market, rather than bursting on the scene, making some noise, and not being here three years from now."

GE Money, a unit of the world's No. 2 company by market value, is competing with firms such as Toronto-based Xceed Mortgage Corp. Xceed estimates the so-called "near prime" market that GE Money is targeting may grow to about C$60 billion, or 10 percent of Canada's overall mortgage market.

Canada's mortgage business is growing as job and wage increases fuel expansion in the economy, which the Bank of Canada predicts will grow 3.1 percent in 2006, the fastest in six years. New home construction during the first three months of the year was the highest in more than 18 years, according to the Canada Mortgage and Housing Corp.

High-Risk Loans

GE Money and Xceed offer loans at higher interest rates than standard mortgages because their clients are typically self-employed, new to the country or don't have a credit history. GE is focusing on the "near prime" market, which is less risky than "sub prime" borrowers, Motta said.

"It's still very fragmented," said Jason Donville, an analyst at Sprott Securities Inc. in Toronto who covers Xceed Mortgage. "This market is ripe for a couple of players to take some significant share."

GE Money, whose Canadian unit is based in Mississauga, Ontario, hopes to attract brokers to its network through a technology that can approve mortgages within two hours, similar to Canada's five largest banks.

The company will probably expand in Quebec next, followed by other provinces such as Manitoba, Motta said.

"We're active now in the three largest English-speaking provinces, and we're moving with all due speed to get this rolled out in every province within the next eight months," said Motta.

Credit Cards

GE Money, with about 1,200 employees in Canada, is expanding in other businesses in the country. GE Money bought the credit-card portfolio of retailer Hudson's Bay Co. for about C$370 million earlier this month. Motta said the company would be interested in buying card portfolios from other Canadian retailers should they become available.

GE Money has operations in 43 countries, according to its Web site, and announced plans last year to bring mortgage and other banking businesses to countries including Turkey, Malaysia, and South Africa. General Electric, based in Fairfield, Connecticut, reported last week that profit from consumer finance climbed 14 percent to $836 million.

GE Money has also applied to Canada's financial-services regulator to become a deposit-taking bank.

GE shares rose 2 cents yesterday to $33.89 in New York, and have declined 3 percent this year.