General Electric (GE) is set to sell its Czech banking unit within two years, the bank’s CEO Sean Morrissey told newspaper Hospodarske Noviny.

The sale estimated to be valued over CZK20bn ($784m), according to Reuters.

GE Money Bank is the sixth-largest bank in the Czech market with around one million customers in the country of 10.5 million people.

The move is part of GE’s global strategy to become a simpler industrial business instead of the current hybrid of banking and manufacturing.

In its urge to restructure its business, GE will sell off $200bn in assets related to GE Capital, which is considered as risky by investors due to its concentration of credit risk and lower returns.

The restructured GE Capital will be focused solely on supporting GE’s industrial operations, such as with financing the purchases of jet engines, turbines and medical equipment.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.