GE Launches Sales Process for Portion of Commercial Lending Units
JUN 1, 2015 - 7:52 am
Reuters reported General Electric launched the sales process for a roughly $40 billion portion of its U.S. commercial lending assets as a part of its broad retreat from its finance businesses.
According to Reuters, the businesses include its commercial distribution finance business, equipment finance and corporate finance.
Reuters reported Toronto-Dominion Bank, CIT Group, Ally Financial, Capital One, U.S. Bancorp and Wells Fargo are among the potential bidders for the GE assets, while other large and midsize banks, as well as private-equity firms are expected to show interest.
According to Reuters, GE is working with Credit Suisse Group and Goldman Sachs Group on the sale, while J.P. Morgan Chase is overseeing all the sales processes.
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