General Electric (GE) has announced that it will sell its banking and finance arm GE Capital, including its asset finance and leasing unit, as part of a radical shakeup of the way the American giant is organised.
The assets targeted for disposition, in addition to GE Real Estate, include "most of the commercial lending and leasing segment", and all consumer platforms, including all U.S. and international banking assets, which represent roughly $200 billion in net investment.
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In a press release, the US company said it planned to raise around $90bn from the sale of GE Capital to give back to shareholders.
GE chairman and chief executive officer Jeff Immelt said GE Capital would be broken up and sold over the next two years.
GE will keep its financing units used for capital aviation services, energy financial services and healthcare equipment finance, hinting at a possible retreat to ‘captive’ status for the lessor.
GE has begun by selling $26.5 billion of its real estate holdings to private equity firm Blackstone and US bank Wells Fargo.
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By GlobalDataA spokeswoman for GE Capital declined to comment.
