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

By IndustriesFOXBusiness

General Electric (NYSE: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 (NYSE: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.

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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