GE Capital, the finance and banking arm of General Electric, is in discussions with a number of companies to sell parts of its finance business, according to a number of press reports.
The company has already started the bidding process for its lending and leasing portfolio.
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According to media reports, potential bidders include Toronto-Dominion Bank, CIT Group, Ally Financial and Wells Fargo.
Unnamed sources disclosed to Bloomberg that Capital One Financial and Apollo Global Management had both made offers for GE Capital’s healthcare finance unit, which could fetch more than $11bn (9.8bn). The same sources said that initial bids were due on the 18th of June, with the next round of offers due in early July.
In addition, The Wall Street Journal reported that people with knowledge of the market had revealed that Sumitomo Mitsui Financial Group was interested in buying GE’s US railcar leasing business.
A GE spokesperson declined to comment on these media reports and said: "As announced on April 10, GE is in the process of selling most of the assets of GE Capital. In total, we plan to sell about $200 billion of ENI by the end of 2016, with about half of that being done by end of 2015."
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