GE Capital, the finance and banking arm of General Electric, is discussing the sale of all or part of its finance business to Wells Fargo & Co, according to press reports.
A source disclosed to Reuters that the company has a $74bn US commercial lending and leasing portfolio (CLL), while it aims to raise $90bn for the sale of GE Capital to give back to its shareholders.
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According to Reuters’ source, discussions between GE Capital and Wells Fargo started last week and that other parties may also hold talks with GE about buying the entire US CLL portfolio, or alternatively break the business up piecemeal.
GE Capital declined to comment and Wells Fargo did not respond to requests for comment from Leasing Life.
On the other hand, Bloomberg reports that people with knowledge of the market revealed that other companies are in discussion to buy GE Capital’s US lending and leasing portfolio.
According to Bloomberg, the list of potential buyers includes Blackstone Group LP, Mitsubishi UFJ Financial Group Inc. and Apollo Global Management.
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