General Electric has launched the bidding process for a portion of its US commercial lending assets, roughly valued at $40bn, as a part of its effort to sell off the bulk of its financial-services arm, GE Capital.
The chunk of the operation, that represents more than half of the $74bn US commercial lending and leasing portfolio, will include its commercial distribution finance business, equipment finance, and corporate finance.
The GE business units, for which the firm is seeking buyers, may all be sold to a single buyer or might be divided and sold separately.
The list of potential bidders includes Toronto-Dominion Bank, CIT Group, Ally Financial and Wells Fargo along with other large and midsize banks and private-equity firms expected to show interest.
GE is collaborating with Credit Suisse Group and Goldman Sachs Group on the sale, while JP Morgan Chase will oversee all of the sales processes.