General Electric (GE), a US-based conglomerate, is, reportedly, looking to sell its GE Money Bank unit in the Nordic region, as part of its plan to exit the finance sector.
Sources associated with the matter were quoted by Reuters as saying that the sale is expected to generate $2.75bn for GE.
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GE Money Bank is part of GE Capital, which is working with Bank of America Merrill Lynch to search for potential buyers including private equity firms and strategic players with a consumer finance presence in the region.
Established in 1993, GE Money Bank Nordics currently has 800 employees in its Denmark, Norway and Sweden units. The business offers loans and credits, credit cards, deposits and insurance.
As part of its plans to exit from the finance business, the conglomerate has already sold its consumer credit business in Austria and Germany to Santander and floated its Swiss consumer business, which is now renamed as Cembra Money Bank.
GE’s North American credit card unit has also filed an initial public offering (IPO) recently to exit from the retail finance business in the region.
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