GE gets offer for French mortgage business

EghtesadOnline: General Electric Co on Friday received an offer for its French prime mortgage portfolio, as the company proceeds with efforts to divest its finance arm's assets.

News ID: ۷۳۵۷۸۴

13 August 2016

A sale would represent ending net investment of about $1.9 billion as of the end of second quarter, the company said.

GE has been shedding assets of its finance arm, GE Capital, as the company returns to its industrial roots. The company said last year that it would sell most of the finance arm, or about $200 billion in assets, reports Reuters.

Including the French mortgage transaction, GE said on Friday it signed deals worth about $192 billion since the divestiture process began in April 2015.

The offer was from a French Fonds Commun de Titrisation (FCT) entity, whose units are being subscribed to by Austrian bank BAWAG PSK, GE said.

The proposed deal is expected to close in the fourth quarter.