GE has completed the sale of its Equipment Finance and Receivable Finance businesses in France and Germany to Banque Fédérative du Crédit Mutuel (BFCM), for a total value of $6.8bn (€6.1bn), as of Q1 2016.
The deal was proposed in December of 2015 and has now completed.
“We’re pleased to complete this transaction with BFCM for a significant piece of our European business,” said Keith Sherin, GE Capital chairman and chief executive officer. “As we continue to execute on our strategy to significantly reduce the size of GE Capital, we wish our commercial finance employees in France and Germany the very best as they join BFCM,” he added.
BFCM is part of CM11 which belongs to Crédit Mutuel group, the second largest retail bank in France with positioning in home loans, SME and non-life insurance.
GE is focusing on its high-value industrial businesses and is selling most of GE Capital’s assets, while retaining the financing “verticals” that relate to GE’s industrial businesses, it said.
GE Capital has signed agreements for the sale of approximately $183bn of businesses and has closed approximately $168bn of those transactions. GE Capital plans to have largely completed the process of selling approximately $200bn of GE Capital businesses not linked to GE by the end of 2016.