GE has slashed down assets of finance arm from $549 billion to $265 billion while cutting ties with rest of the financial system that led to attain the SIFI status. Now the conglomerate appeals for its declassification since it no longer possesses ability to exert risk for the US economy. However, an FSOC spokesman vows to exercise its legislative authority in protecting the country’s economy from potential threats.
GE will sell its U.S. hotel franchise for $1.4 billion and its other business that finances Canadian hospitality and restaurant industries, separately. The completion of the transaction is expected to close by the second quarter of this year.
Canada's Element Financial Corp (EFN.TO) said it will buy General Electric Co's (GE.N) fleet management operations in the United States, Mexico, Australia and New Zealand for C$8.6 billion ($6.98 billion) in cash.
General Electric Co is in early-stage talks with Wells Fargo & Co about selling its entire $74 billion U.S. commercial lending and leasing (CLL) portfolio to the bank, according to a source familiar with the situation.
General Electric Co will shed most of its finance unit and return as much as $90 billion to shareholders as it becomes a “simpler” industrial business instead of an unwieldy hybrid of banking and manufacturing.
A group comprising KKR & Co, Varde Partners and Deutsche Bank are looking to securitize about A$7 billion ($5.33 billion) of debt they acquired from a unit of GE, three sources with knowledge of the matter said.
Cash-strapped electronics retailer RadioShack Corp has reached an agreement with a consortium led by its largest shareholder Standard General LP to refinance about $590 million of loans to re-stock ahead of the holiday season, Bloomberg reported, citing a person familiar with the matter.
The New York Times' The Dealbook reported that small businesses were now fueling a boom on the subprime loan business as investors look for more lucrative but riskier investments.
California-based Green Dot Corp. intends to buy GE Capital's Wal-Mart branded prepaid debit cards. The deal will bring in over USD276 million in total deposits to Green Dot's bank in Utah.
Original Joe's Franchise Group Inc and its parent company Franworks Franchise Corp received an expanded senior credit facility from GE Capital's Canadian Franchise Finance business.
RadioShack Corp received a five-year financing worth USD 835 million.
RadioShack had received several new financing offers from Bank of America and Wells Fargo, said a Reuters report.
General Electric Capital Corp would be divesting its stake in GE Money Bank in an IPO scheduled in the fourth quarter.
A Wall Street Journal report said General Electric Co will divest its US-based consumer lending business of GE Capital to focus on its core industrial operations.
Carlyle Group LP welcomed its new member Matthew O'Connor, an executive from GE Capital, who was hired as managing director for the company's energy team.