GE Capital, the financial services division of GE, has closed the sale of GE Money Bank (Nordic unit) consumer finance business to Santander Consumer Finance.
Keith Sherin, chairman and CEO of GE Capital, said, "This sale is part of our overall strategy to focus GE Capital on our commercial portfolio with a goal of becoming 25% of GE’s overall earnings."
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Santander Consumer Finance had earlier agreed to acquire GE’s consumer finance business in Sweden, Norway and Denmark for about 700m.
The transaction aims to help Santander increase its geographical diversification and improve exposure to triple-A rated countries.
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