Finance / United States
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GE Continues Sell-Off
July 2008 | In The NewsSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Another big-name sell off comes from General Electric General Electric (GE), who just last week moved to spin off their giant Consumer & Industrial division. The company has now sold its Japanese consumer finance arm to ambitious mid-sized lender Shinsei Bank Ltd for JPY580bn (US$5.4bn). Shinsei, which is one third owned by US private equity firm JC Flowers & Co, expect their acquisition of GE's Tokyo-based Lake unit and its loan, credit card and mortgage operations to be complete by Q308. Notably Citigroup have also recently closed down their remaining lending operations in Japan.