GE’s sale of commercial lending arm to attract banks, private equity
ByA slew of private equity players and major banks are expected to circle GE’s Australian commercial lending book, with the US industrial giant seeking to offload commercial financing businesses around the world.
The expected sale of the Australian business comes on the heels of GE last month selling its Australian consumer lending arm to a consortium led by private equity giant KKR for $8.2 billion.
Over the weekend GE said it was planning to significantly scale back its finance arm to focus on its industrial operations. The US company said it would seek buyers for assets worth $US165bn ($215bn) around the world, comprising most of its giant commercial lending and leasing segments and all its mortgage and other consumer-finance businesses.
GE global boss Jeff Immelt seized on the high price tag generated from the sale of its Australian consumer business as a factor to sell more financial assets. The price received for the lending assets showed “that our platforms may be worth more outside the company”, Mr Immelt said…
GE’s sale of commercial lending arm to attract banks, private equity
