Bloomberg, citing sources close to the matter, reported that Wells Fargo has become the front-runner to purchase GE’s railcar financing unit.
Bloomberg also noted that an agreement to buy the business, which has more than $4 billion in assets, could be announced by Labor Day, although a deal has not been finalized.
Despite this development, Bloomberg asserted that Sumitomo Mitsui Financial Group is also still pursuing the business.
Read the full report from Bloomberg here.
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