GE Capital, the financial services arm of US multinational conglomerate corporation General Electric, is reportedly mulling over plans to set up an online bank in the UK, online news outlet dailymail.co.uk reports.

According to the same source, GE Capital has recently launched an online-only financial institution in Germany and is believed to be considering plans to expand in a number of European states, the UK included. If GE Capital’s initiative were to materialize, the online bank would be the first such financial services company set up in the UK since the credit crisis debuted, and also since the highly publicised collapse of Iceland-based online savings bank Icesave in 2008.