Date
19 January 2017
GE is continuing its efforts to sell the bulk of its financial-services arm. Photo: Bloomberg
GE is continuing its efforts to sell the bulk of its financial-services arm. Photo: Bloomberg

GE launches sales process for US lending units

General Electric Co. has launched the sales process for a US$40 billion chunk of its US commercial-lending business, the Wall Street Journal reported on Sunday.

The business units could all be sold to a single buyer or they could be divided and sold separately, the report said, citing people familiar with the matter.

GE has dubbed the effort to sell these commercial lending operations as “Project Jupiter”.

Potential bidders include Toronto-Dominion Bank, CIT Group, Ally Financial and Wells Fargo, sources told the Journal.

Other large and mid-sized banks, as well as private-equity firms, are also expected to express interest.

As part of efforts to sell off the bulk of its financial-services arm, GE Capital, the conglomerate is offloading some of its dealer-financing and corporate-finance businesses.

The lending units account for slightly more than half the US$74 billion in loans and other assets at the firm’s US-based commercial-lending operation.

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