Sumitomo Mitsui Financial Group’s (SMFG) leasing business has won a competitive bidding war for GE Capital’s Japanese commercial lending business worth $4.6bn (4.18bn), according to the Nikkei Asian Financial Review.
According to Nikkei, the bidding process was between SMFG and Japanese Shinsei Bank through November, and prior bidders included Orix Corp, Shinsei, Sumitomo, and other unnamed bank asset finance companies.
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The deal includes 500bn Yen ($4.13bn) in assets and 1,000 employees, which is understood to become Sumitomo Mitsui Finance and Leasing’s by next week, and includes auto loans and loans for heavy machinery.
Sumitomo Mitsui Finance and Leasing is Japan’s third biggest leasing company, with $38.03bn in assets, according to the International Business Times.
In July the Group acquired GE’s european private equity financing business for $2.2bn.
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