GE in Talks to Sell $74B Portfolio to Wells Fargo


General Electric Co (NYSE:GE) is in early-stage talks with Wells Fargo & Co about selling its entire $74 billion U.S. commercial lending and leasing (CLL) portfolio to the bank, according to a source familiar with the situation.

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Other parties may also hold talks with GE about buying the entire U.S. CLL portfolio, the source said. GE is also exploring selling the U.S. CLL portfolio piecemeal and could decide to break the business up, the source added.

The source asked not to be identified because the talks are confidential. GE and Wells Fargo declined to comment.

The talks with Wells Fargo underscored GE's urgency in looking to dismantle its GE Capital business and free itself from the financial regulatory pressures that come with it.

GE earlier this month unveiled plans to exit the bulk of GE Capital over the next few years to focus more on industrial manufacturing.

(Reporting by Mike Stone and Lewis Krauskopf in New York; Editing by Jeffrey Benkoe)