GE sells off GE Money Bank, returns to industrial roots
General Electric is selling its French consumer finance arm; it is the final transaction of the GE Capital exit plan, which has seen GE sell $198 billion worth of assets since 2015
WASHINGTON—General Electric is selling its French consumer finance arm, one of the last remaining vestiges of its financial wing as it returns to its roots an industrial company.
GE did not reveal a final sales price Tuesday, but says an affiliate of Cerberus Capital Management LP bought the company, called GE Money Bank. The company said it’s the final major transaction of its GE Capital exit plan announced in 2015. GE Capital has sold about $198 billion worth of assets since then.
GE plans to keep the financing components related to its industrial businesses.
Since 2004, GE has sold its insurance, credit card, plastics and security businesses as returns its focus to making large, complex equipment for other businesses.