GE Capital has completed the spin-off and sale of its Polish leasing arm, Core Bank, as it continues to slash its financial operations.
The group separated Core Bank from Bank BPH, and merged it with Alior Bank, representing a $3.6bn (€4.2bn) aggregate ending net investment.
Rich Laxer, GE Capital chairman and chief executive, said: “As we work to execute on our strategy to sell most of GE Capital’s assets we are pleased to sell Bank BPH’s Core Bank to Alior Bank, one of Poland’s most well-respected banks and focused on growth.
“We wish our colleagues in Bank BPH’s Core Bank a successful future as they join Alior Bank.”
The fourth sale of a finance and leasing operation this year, following France, Germany, and India, this continued GE Capital’s drive towards being a ‘simpler, more valuable company’.
GE Capital plans to complete the sale of $200bn worth of businesses by the end of 2016, and has closed $178bn worth since April 2015.