Reginal Thomas
0
All posts from Reginal Thomas
Reginal Thomas in reginal thomas,

GE selling its $30 billion finance business to Wells Fargo

General Electric Co has agreed to sell its commercial lending and leasing unit to Wells Fargo & Co. GE has inked $126 billion in deals since announcing its plan to reduce it GE Capital financing business to less than 10% of earnings as it moves it focus to industrial manufacturing. GE Capital brought in 42% of the company’s profit in 2014.

The only GE Capital business remaining in the United States is its franchise finance unit; which controls about $5.5 billion in assets.

It has not been disclosed how much Wells Fargo will pay for the finance unit. The deal is expected to close by the first