GE completed the previously announced sale of GE Capital, Transportation Finance in the U.S. and Canada, representing $8.9 billion of net earning assets, to BMO Financial Group.

“We’re pleased to sell our Transportation Finance business to a strong financial services firm like BMO which is committed to continuing to grow the business,” said Keith Sherin, GE Capital chairman and CEO. “It is another important step as we continue to execute on our plan to sell most of the assets of GE Capital.”

As previously announced, GE is embarking on a strategy to focus on its high-value industrial businesses and is selling most GE Capital assets.

The transportation finance transaction releases approximately $700 million of capital. GE Capital believes it is on track to deliver about $35 billion of dividends to GE under this plan, as previously announced.

“We thank the Transportation Finance team for their contributions to GE Capital and to our customers, and wish them a successful future as they join BMO,” said Sherin.