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GE to sell commercial lending, leasing businesses to Wells Fargo

from MarketWatch

From Oct. 14: General Electric Co. agreed to sell a $32 billion portfolio of GE Capital’s global Commercial Distribution Finance, North American Vendor Finance, and Corporate Finance platforms to Wells Fargo & Co. The deal is the largest divestiture yet in GE’s rapid dismantlement of its lending unit that once contributed roughly half of the parent company’s annual profits and just last year had assets that would make it the country’s seventh-largest bank. Financial terms of the deal weren’t disclosed; the sale is expected to be completed in the first quarter of 2016. more

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