GE in talks to sell its commercial lending and leasing business in Germany, France

[BENGALURU] GE said on Thursday it had signed a memorandum of understanding with Banque Federative du Credit Mutuel (BFCM) for the potential sale of its Equipment Finance and Receivable Finance businesses in France and Germany.

The potential transaction, subject to approval by regulatory and anti-trust authorities, would represent an ending net investment of US$7.5 billion, the company said.

In April, GE presented a restructuring plan that aims to shed most of its finance unit and return as much as US$90 billion to shareholders, thereby becoming a "simpler" industrial business instead of a hybrid of banking and manufacturing.

REUTERS