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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

   
 
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• 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.

 
 
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Written by / Agency / Source: General Electric Company

 
 

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

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GE Capital | Wells Fargo & Co.
Publisher Contact: Susan Bishop - GE.com 
203-253-2735 susan.bishop[.]ge.com
 
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