GE spins off last major capital business
General Electric is selling its French consumer finance arm, one of the last remaining vestiges of its financial wing as it returns to its roots an industrial company.
GE did not reveal a final sales price Tuesday, but says an affiliate of Cerberus Capital Management LP bought the company, called GE Money Bank. The company said it's the final major transaction of its GE Capital exit plan announced in 2015. GE Capital has sold about $198 billion worth of assets since then.
GE plans to keep the financing components related to its industrial businesses.
Since 2004, GE has sold its insurance, credit card, plastics and security businesses as returns its focus to making large, complex equipment for other businesses.