PRTODAY / NewswireToday Free press release distribution service network

Written by / Agency / Source: General Electric Company

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

GE Completes Sale of Commercial Lending and Leasing Businesses in North America to Wells Fargo - GE has completed the previously announced sale of the majority of its North American commercial lending and leasing businesses to Wells Fargo & Co. [NYSE: WFC] - WellsFargo.com
GE Completes Sale of Commercial Lending and Leasing Businesses in North America to Wells Fargo

 

NewswireToday - /newswire/ - Fairfield, CT, United States, 2016/03/01 - GE has completed the previously announced sale of the majority of its North American commercial lending and leasing businesses to Wells Fargo & Co. [NYSE: WFC] - WellsFargo.com. NYSE: GE

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Financial/Legal/Venture Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

• Closing Represents $26 Billion of Ending Net Investment;
• GE Capital Dispositions Signed Total $157 Billion; Closings Total $136 Billion;
• GE Capital On Track to Apply for SIFI De-Designation.

The sale to Wells Fargo (wellsfargo.com) includes GE Capital’s Global Commercial Distribution Finance (CDF), Vendor Finance and Corporate Finance platforms, representing ending net investment (ENI) of approximately $29 billion ($31 billion of assets). The portion that closed today represents approximately $26 billion of ENI ($27 billion of assets) and does not include the sale to Wells Fargo of the CDF business outside North America which is expected to be completed later this year.

With this transaction, GE has closed $136 billion of GE Capital dispositions as it reduces the size of its financial business and transforms to a digital industrial company. Today’s transaction releases approximately $4 billion of capital. GE Capital believes it is on track to deliver about $35 billion of dividends to GE under this plan, subject to regulatory approval.

“We are pleased to complete the sale of these businesses to Wells Fargo,” said Keith Sherin, GE Capital chairman and CEO. “This was our largest business sale to date in our effort to sell most of the assets of GE Capital. Wells Fargo has been a fantastic partner throughout the process and we are certain our customers, employees and partners will benefit from joining this industry leader,” added Sherin.

As previously announced, GE is focusing on its high-value industrial businesses and is selling most GE Capital assets. GE will retain the financing verticals that relate directly to GE’s industrial businesses. Since the announcement in April 2015, GE Capital has signed agreements for more than $157 billion of the $200 billion it plans to sell. In addition to today’s transaction, in recent weeks GE Capital has closed a variety of smaller sales globally, bringing the total amount of closed transactions to approximately $136 billion.

“We continue to execute quickly and ahead of plan on our asset sales and have worked hard to seamlessly transition our employees and customers to our buyers, a testament to the commitment of our teams,” said Sherin. “GE Capital continues to target the end of the first quarter to file an application for de-designation as a Systemically Important Financial Institution as our footprint in the U.S. has been significantly reduced. Globally, GE Capital expects to be substantially done with the sale process by the end of 2016,” he concluded.

About GE
GE (ge.com) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world.

GE’s Investor Relations website at ge.com/investor and our corporate blog at gereports.com, as well as GE’s Facebook page and Twitter accounts, including [.]GE_Reports, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted.

Caution Concerning Forward-Looking Statements:
This document contains "forward-looking statements" that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements. This document also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

Investor Contact: Matt Cribbins
P: +1 203-373-2424 - E: matthewg.cribbins[.]ge.com.

Media Contact: Seth Martin
P: +1 203-572-3567 - E: seth.martin[.]ge.com.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Financial/Legal/Venture Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: General Electric Company

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Financial/Legal/Venture articles,
CATCH Visitors via Your Competitors Announcements!


GE Completes Sale of Commercial Lending and Leasing Businesses in North America to Wells Fargo

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

GE Capital | Wells Fargo & Co.
Publisher Contact: Susan Bishop - GE.com 
203-253-2735 susan.bishop[.]ge.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any General Electric Company securities in any jurisdiction including any other companies listed or named in this release.

Financial/Legal/Venture via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From General Electric Company / Company Profile


Read Financial/Legal/Venture Most Recent Related Newswires:

Propel Financial Services Partners with Clear Payment Solutions
Digital Payments Power Growth in Booming Asia-Pacific Financial Technology Landscape Notes Frost & Sullivan
Digital Readiness Key to Growth Opportunities in the Financial Services Market
Prairie Capital Advisors Announces The Sale of Cornerstone Treatment Facilities Network to An ESOP
Koch Agrees to Invest Over $2 Billion in Infor
FTI Consulting Recognized as a Top Service Provider in the Legal Industry
GE Completes Spin Off and Demerger of Bank BPH Core Bank to Alior Bank
ALM Expands Senior Leadership Team, Organization Focused on Customers and Transformation
Lazard Acquires Remaining 50% Stake in MBA Lazard - Fully Integrating its Latin American Operations
Western Union Business Solutions Announce Mark Davis As Head of Australia and New Zealand
Tabarak Investment Capital and Elite Capital & Co. Limited in Discussion to Finance Projects
Consulting Magazine Unveils the Profession’s Fastest Growing Firms At Inaugural Gala
Hills Invest Signs An Agreement with The Afore Profuturo in Mexico
TRA Searches for TPA Acquisition Opportunities
The Recorder Expands Daily Digital News Platform

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  Triggr & Bloom

Visit  La Bella Bakery Artisan Bakery Arizona





 
  ©2016 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)