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GE in talks to sell lending unit for USD74b
(MENAFN) General Electric, refocusing on its industrial roots, announced it is in talks to sell its USD74 billion commercial lending unit to Wells Fargo, AFP reported.
GE is pursuing negotiations to sell all or part of the business to Wells Fargo, with the talks also involving other bidders, a person close to the matter told AFP on condition of anonymity.
The sale of the huge US conglomerate's biggest lending operation would represent a major piece of its plan announced earlier this month to sell most of GE Capital, valued at USD200 billion.
GE reported a USD13.6 billion first-quarter loss as it took hefty charges on its plan to cut down GE Capital, part of the chief to emphasize the company's industrial and technological prowess.
GE is pursuing negotiations to sell all or part of the business to Wells Fargo, with the talks also involving other bidders, a person close to the matter told AFP on condition of anonymity.
The sale of the huge US conglomerate's biggest lending operation would represent a major piece of its plan announced earlier this month to sell most of GE Capital, valued at USD200 billion.
GE reported a USD13.6 billion first-quarter loss as it took hefty charges on its plan to cut down GE Capital, part of the chief to emphasize the company's industrial and technological prowess.
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