GE Selects Deutsche Bank to Sell GE Capital Interbanca

Reuters reported General Electric picked Deutsche Bank to sell Italian lender GE Capital Interbanca as part of a strategic review to refocus the U.S. conglomerate around its industrial base, two sources familiar with the matter said.

According to Reuters, Milan-based GE Capital Interbanca specializes in lending and financing transactions for medium-sized Italian firms. It employs around 600 people and has a book value in excess of 1 billion euros ($1 billion), the source said, without saying how much it might fetch.

Interbanca operates two subsidiaries, namely GE Capital Finance, active in accounts receivable financing, and GE Capital Servizi Finanziari, providing equipment lease and fleet services.

Reuters reported Deutsche Bank could conduct a piecemeal sale and offload Interbanca’s units such as lending, factoring, leasing and fleet as standalone businesses as a way to maximize value.It could also combine some of the assets with their European equivalents and favor a “bundle” deal provided there is enough appetite from prospective bidders, according to Reuters.

To view the full Reuters report, click here.

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