GE Sheds Assets, Sovereign Funds Look to Pick Up
Since the global financial crisis, General Electric Co. (GE), a U.S. conglomerate, has been carefully shrinking its financial services arm GE Capital. GE’s CEO Jeffrey Immelt has refocused the company on higher margin businesses, while selling off lower margin assets like NBCUniversal to Comcast. In June 2014, Spain’s Banco Santander SA agreed to acquire GE Money Bank AB, GE’s consumer finance unit in Sweden, Denmark and Norway, for €700 million. In the following month of July, Synchrony Financial, a North American consumer-lending business, had its initial public offering in which GE sold off some interest.
Up For Sale
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