Report: GE Eyeing $2.75B Sale of Nordic Banking Unit

By Jennifer Booton Industries FOXBusiness


General Electric (GE) is exploring a sale of its Nordic money bank business that could fetch as much as $2.75 billion, according to a report by Reuters.

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Citing three anonymous sources, Reuters sid the conglomerate is working with Bank of America Merrill Lynch (BAC) to review options.

GE and BofA both declined to comment.

The unit, established in 1993 and a part of GE Capital, has a presence Denmark, Norway and Sweden. Under a workforce of 800, it provides loans and credit cards, deposits and insurance to more than 700,000 customers in the Nordic region.

The sources told Reuters a potential buyer could include private equity firms or players in the region that have a consumer finance presence.

The move would come as GE continues to shed financial businesses – an effort to derive more of its earnings from its existing industrial businesses, such as oil and gas.

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Shares of GE were down 0.14% to $25.84 in recent trade. They are up 11.8% over the last 12 months.

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