General Electric (GE) Completes GE Capital Interbanca Share Sale; Represents ENI of $3.6B
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GE (NYSE: GE) has sold its shares in GE Capital Interbanca S.p.A in Italy to Banca IFIS S.p.A. This transaction represents ending net investment (ENI) of approximately US$3.6 billion as of the end of the third quarter 2016.
“As we continue to execute on our strategy to sell most of GE Capital’s assets, we are pleased to sell our shares in GE Capital Interbanca to Banca IFIS, an established, growth-oriented bank in Italy,” said GE Capital Chairman and CEO Rich Laxer. “We wish our colleagues in Interbanca a successful future as they join Banca IFIS,” he added.
As previously announced, GE is focusing on its high-value industrial businesses and is selling most GE Capital assets. GE will retain the financing verticals that relate directly to GE’s industrial businesses.
Since the announcement in April, 2015, GE Capital has signed agreements for the sale of approximately US$195 billion of businesses and has closed approximately US$186 billion of those transactions, including this one. GE Capital plans to have largely completed the process of selling approximately $200 billion of GE Capital businesses not linked to GE by the end of 2016. GE Capital believes it is on track to deliver about $35 billion of dividends to GE under this plan, subject to regulatory approval.
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