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 to Sell its Shares in GE Capital Interbanca S.p.A to Banca IFIS S.p.A - GE has entered into an agreement with Banca IFIS S.p.A to sell its shares in GE Capital Interbanca S.p.A in Italy [IF: IM] - BancaIFIS.com / GE.com
GE to Sell its Shares in GE Capital Interbanca S.p.A to Banca IFIS S.p.A

 

NewswireToday - /newswire/ - Fairfield, CT, United States, 2016/07/27 - GE has entered into an agreement with Banca IFIS S.p.A to sell its shares in GE Capital Interbanca S.p.A in Italy [IF: IM] - BancaIFIS.com / GE.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!


 

• Transaction Aligns with GE’s Strategy to Create Simpler, More Valuable Industrial Company;
• GE Capital’s Announced Sales Now Total Approximately US$189 Billion (ENI).

The transaction includes employees of the business and represents ending net investment (ENI) of approximately US$3.7 billion as of the end of the first quarter of 2016. The transaction is subject to customary regulatory approvals and is expected to close around the end of 2016.

GE Capital Interbanca in Italy provides commercial lending, factoring, and lease financing products to smaller and mid-sized companies.

“As we continue to execute on our strategy to sell our financing businesses that aren’t linked to GE, the Italian platform is our last major European transaction,” said GE Capital Chairman and CEO Keith Sherin. “We are pleased to reach agreement with Banca IFIS, a growing bank with complementary products and customers, who will continue to serve our Italian customers as they grow,” he added.

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 the sale of approximately US$189 billion of businesses and has closed approximately US$168 billion of those transactions. GE Capital plans to have largely completed the process of selling approximately $200 billion of GE Capital businesses not linked to GE by the end of 2016. GE Capital believes it is on track to deliver about $35 billion of dividends to GE under this plan, subject to regulatory approval.

About GE
GE (ge.com) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry.

About Banca IFIS
The Banca IFIS Group (bancaifis.com) is the only independent banking group in Italy that specialises in the segment of trade receivables, distressed retail loans and tax receivables. The brands through which the Group operates are: Banca IFIS Impresa (dedicated to trade finance loans to SMEs operating on the Italian market and companies expanding abroad or foreign companies dealing with Italian customers); Banca IFIS Pharma (trade finance loans to the main suppliers of local healthcare units and a business unit dedicated to financing for Pharmacies); Banca IFIS NPL Area (non-performing loans sector, together with CrediFamiglia, which specialises in the settlement of financial debts); Fast Finance (focusing on tax receivables); IFIS Finance (financial solutions for companies operating on the Polish market). IFIS is present on the retail market with the rendimax savings account and the contomax current account. Listed on the Star Segment of Borsa Italiana, the Banca IFIS Group is an innovative and steadily growing business.

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.

 
 
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 to Sell its Shares in GE Capital Interbanca S.p.A to Banca IFIS S.p.A

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 Interbanca | Banca IFIS S.p.A
Publisher Contact: Ned Reynolds - GE.com 
203-840-5075 ned.reynolds[.]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:

Infinera to Participate in Upcoming Investor Conference
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

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  NAKIVO, Inc.

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)