(MENAFN) General Electric announced it was getting out of most of its banking business, slashing back GE Capital and selling USD26.5 billion worth of real estate, The Peninsula Qatar reported.
The US-based industrial giant said in a statement that it would sell off most of the USD500 billion in assets of GE Capital, a business which has earned USD2 billion last year.
The move follows the spinoff of GE's retail finance and credit card business, Synchrony Financial, as the 123-year-old firm gets back to its roots after years of letting finance drive much of its business.
"This is a major step in our strategy to focus GE around its competitive advantages. These businesses are leaders in technology, the Industrial Internet and advanced manufacturing," GE chairman said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.