GE has completed the $2.1bn sale of its European Sponsor Finance unit to Sumitomo Mitsui Banking Corporation Europe (SMBCE).
It has also completed the sale of its UK home lending portfolio to Kensington Mortgage Company, a company controlled by Blackstone Tactical Opportunities and TPG Special Situation Partners.
The deal, which is the company’s third loan portfolio sale this year, almost halves the size of the company’s UK home lending arm to less than $7bn, GE Capital chairman and CEO Keith Sherin said in a statement.
In addition, GE has closed nearly $30bn in previously announced GE Capital Real Estate sales.
"These closings represent important milestones as we continue to execute on our plan to sell most of the assets of GE Capital," Sherin stated.
The latest sale forms part of GE’s strategy to simplify operations by downsizing its financial businesses through the sale of most GE Capital assets and focusing on continued investment in its industrial businesses.
Under this strategy, GE will retain the financing units that directly relate to the company’s industrial businesses.