GE Capital, the financial services arm of US conglomerate General Electric, has promoted a former Merrill Lynch executive to drive an expansion of its European leveraged finance business, which shrank dramatically last year.

The firm has appointed James Fenner, the former head of Merrill Lynch's leveraged loan capital markets business, as president and chief executive of its leveraged finance business. He replaces Thomas Greco, who has left to pursue opportunities outside GE, according to a statement.