General Electric is working with Deutsche Bank to sell Italian lender GE Capital Interbanca as part of the sale of its banking and finance arm GE Capital, according to press reports.
A source disclosed to Reuters that the Milan-based Interbanca, which provides finance to medium-sized Italian firms, has a book value in excess of 1bn (£712m).
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Apart from GE Capital Finance, which offers accounts receivable financing, Interbanca operates GE Capital Servizi Finanziari. This subsidiary provides equipment lease and fleet services.
Another press report revealed the interest of Japan’s Shinsei bank in GE Capital’s Asian-Pacific assets.
Incoming President Hideyuki Kudo, who will take office in June, told Reuters the bank was looking into the deal in order to expand its business into niche markets.
The bank bought GE’s Japanese consumer finance operation for $5.4 billion in 2008.
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By GlobalDataGE is also said to be in advanced talks to sell its $9bn vehicle fleet management business to Element Financial Corp.
A GE spokesperson declined to comment.
