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GE launches bidding process for U.S. lending operation: WSJ

Posted by: Admin | Posted on: May 31st, 2015 | 0 Comments

NEW YORK General Electric Co launched the bidding process for a $40 billion portion of its U.S. commercial lending business, a critical step in its effort to avert regulation by the U.S. Federal Reserve, the Wall Street Journal said on its website on Sunday.

The chunk of the operation represents more than half of the $74 billion U.S. commercial lending and leasing portfolio that includes loans for equipment purchases and financing and leases for midsize firms.

The business units could all go to a single buyer or could be divided and sold separately, the Wall Street Journal said.

GE is working with Credit Suisse Group AG and Goldman Sachs Group Inc on the sale, while J.P. Morgan Chase Co is overseeing all of the sales processes, it said.

(Reporting by Richard Leong; Editing by Eric Walsh)

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