GE Capital Completes Sale of Its Shares in GE Capital Interbanca S.p.A to Banca IFIS S.p.A

  • GE Capital’s Completed Deals to Date Total Approximately US$186 Billion (ENI)
  • GE continues transformation to more focused Digital Industrial Company

BOSTON--()--GE (NYSE: GE) has today 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.

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

Investors:
Matt Cribbins, +1 203-373-2424
matthewg.cribbins@ge.com
or
Media:
Christine Mohrmann, +44 7825 113 195
christine.mohrmann@ge.com

Contacts

Investors:
Matt Cribbins, +1 203-373-2424
matthewg.cribbins@ge.com
or
Media:
Christine Mohrmann, +44 7825 113 195
christine.mohrmann@ge.com