GE Completes Sale of Transportation Finance Lending Business

FAIRFIELD, Conn.--()--GE (NYSE:GE) announced today that it has completed the previously announced sale of GE Capital, Transportation Finance in the U.S. and Canada, representing ending net investment (ENI) of US$8.7 billion or US$8.9 billion/C$11.9 billion of net earning assets, to BMO Financial Group (BMO).

“We’re pleased to sell our Transportation Finance business to a strong financial services firm like BMO which is committed to continuing to grow the business,” said Keith Sherin, GE Capital chairman and CEO. “It is another important step as we continue to execute on our plan to sell most of the assets of GE Capital.”

As previously announced, GE is embarking on a strategy to focus on its high-value industrial businesses and is selling most GE Capital assets. GE and its Board of Directors have determined that current market conditions are favorable to pursue disposition of these assets. GE will retain the financing verticals that relate to GE’s industrial businesses.

The transportation finance transaction releases approximately US$0.7 billion of capital. GE Capital believes it is on track to deliver about US$35 billion of dividends to GE under this plan, as previously announced (subject to regulatory approval).

Sherin concluded, “We thank the Transportation Finance team for their contributions to GE Capital and to our customers, and wish them a successful future as they join BMO.”

About GE:

GE (NYSE:GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com

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Contacts

GE
Investors:
Matt Cribbins, +1-203-373-2424
matthewg.cribbins@ge.com
or
Media:
GE Capital
Susan Bishop, +1-203-750-5362
susan.bishop@ge.com
or
GE
Seth Martin, +1-203-572-3567
seth.martin@ge.com

Contacts

GE
Investors:
Matt Cribbins, +1-203-373-2424
matthewg.cribbins@ge.com
or
Media:
GE Capital
Susan Bishop, +1-203-750-5362
susan.bishop@ge.com
or
GE
Seth Martin, +1-203-572-3567
seth.martin@ge.com