General Electric has agreed to sell the retail banking business of GE Capital in Australia and New Zealand to an investor group comprising Värde Partners, KKR and Deutsche Bank for A$ 8.2bn ($6.26bn).
The transaction includes the sale of GE Capital’s consumer-finance operations including credit cards, personal loans and sales finance with more than three million customers.
GE Capital will retain its commercial finance unit in Australia and New Zealand and will continue to build its mid-market lending portfolio and leasing businesses in the region.
GE Australia & New Zealand president and CEO Geoff Culbert said: "GE has a strong platform for growth in our industrial businesses in Australia and New Zealand.
"This transaction allows us to focus on our strategy to be the world’s premier infrastructure technology company with a specialty commercial financial services business. We will continue to work with our customers in key industries including oil and gas, energy, healthcare, aviation and mining."