BOSTON--(BUSINESS WIRE)--GE (NYSE: GE) announced today that GE Capital’s non-U.S. activities are no longer subject to consolidated supervision by the UK’s Prudential Regulation Authority (PRA). This completes GE Capital’s global exit from consolidated supervision, having had its designation as a Systemically Important Financial Institution (“SIFI”) removed in June 2016.
“Since we announced our plan to divest the majority of GE Capital assets less than two years ago, we have transformed GE Capital and simplified our regulatory footprint. GE Capital is a critical part of the GE Store and works with GE and its customers to drive growth,” said Rich Laxer, GE Capital Chairman and CEO.
Since the announcement in April, 2015, GE Capital has signed and closed deals representing $198 billion of ending net investment (ENI). GE Capital has largely completed the process of selling approximately $200 billion of GE Capital non-core businesses.
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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