GE to Sell Transportation Finance Unit to BMO



GE reached an agreement to sell its GE Capital, Transportation Finance business in the U.S. and Canada to BMO Financial Group. The price of the sale was not disclosed, but GE Capital said the business has approximately $9 billion in assets.

“With the sale of our Transportation Finance business to BMO, we have again found a buyer with a customer centric culture who is committed to the industry and growing this business with the help of our tenured and experienced team,” said Keith Sherin, GE Capital chairman and CEO. “We continue to execute on our asset sales and are on track to reduce our ending net investment by $100 billion by the end of 2015 and expect to be substantially done with our exit strategy by the end of 2016.”

GE Capital, Transportation Finance provides wholesale and commercial end-user financing to OEMs, dealers and end users for heavy and medium duty commercial trucks and trailers. BMO will retain the Transportation Finance management team and employees.

This is yet another in a long list of moves made by GE since announcing in April it plans to sell off the majority of its financial businesses. With this transaction, the total for 2015 announced sales is approximately $85 billion.

“We expect to reach sales agreements for the majority of our U.S. businesses by the end of this year and the sale of our Transportation Finance business, one of our core commercial lending and leasing businesses gets us closer to that goal,” said Sherin.


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