General Electric (GE) has completed the sale of its consumer finance operations in Australia and New Zealand in a deal worth about $4.3bn.
The businesses have been offloaded to a consortium comprising Värde Partners, KKR and Deutsche Bank.
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The completion of the latest deal will release about $1.7bn of capital.
Commenting on the sale, GE Capital chairman and CEO Keith Sherin said: "We are pleased to complete the sale of our consumer lending business in A&NZ. Combined with the recently announced agreement to sell our commercial lending business in A&NZ, this is a big step in the complete exit of GE Capital from the region."
The sale is part of GE’s strategy to simplify operations through the sale of most of its GE Capital assets and instead focus on its industrial businesses.
Under this plan, GE will retain the financing verticals that relate to GE’s industrial businesses.
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