The nation’s leading financial news publications are reporting that potential buyers for General Electric commercial lending arm GE Capital include Wells Fargo & Co., Blackstone Group LP, Mitsubishi UFJ Financial Group Inc. and Apollo Global Management.
GE said April 10 that it is selling the portfolio, which consists of $74 billion in loans to U.S. businesses, as part of its plan to dismantle what was one of the country’s largest banks and return GE to its industrial roots.
Midsize lending is in Wells Fargo’s wheelhouse, the Wall Street Journal reports. It is one of the largest lenders to companies with revenue ranging from $25 million to $500 million.
GE Capital has more than 260,000 customers and dealers, the report says, including recreational marine and vehicle dealership operations, fast-food franchisees and supermarket chains.
Bloomberg reports that GE is discussing the sale of parts of its finance business, including the $74 billion U.S. commercial-lending unit, with potential buyers that include Blackstone Group LP, Mitsubishi UFJ Financial Group Inc., Apollo Global Management and Wells Fargo.
GE thinks it can sell the majority of the financial assets by the end of 2015, one unidentified source told Bloomberg, ahead of its stated goal of the end of next year.