Japanese Banks Bid on GE’s Local Commercial Finance Operations

The Wall Street Journal reported that several Japanese megabanks submitted nonbinding bids for GE’s Japanese commercial finance operations, which are expected to several billion dollars.

The Journal said non-binding bids were submitted by Orix and the leasing units of Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Trust Holdings, among others, according to people familiar with the matter.

To determine the value of the operations, due diligence will be conducted by the bidders during the next several weeks, with the price likely to be several billion dollars, according to The Journal.

Access the full Wall Street Journal report here.

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