GE Completes Sale Of Its European Sponsor Finance Business - Quick Facts

(RTTNews) - GE (GE) announced it has completed the previously announced sale of its European Sponsor Finance business, representing aggregate ending net investment of approximately $2.1 billion, to Sumitomo Mitsui Banking Corporation Europe. GE has also closed the sale of a $3.7 billion portfolio of loans from its UK home lending business to Kensington Mortgage Company Limited, a company controlled by Blackstone Tactical Opportunities and TPG Special Situation Partners.

"with the closing of our third loan portfolio sale this year, we have reduced the size of our UK home lending business by nearly 50 percent to less than $7 billion. These closings represent important milestones as we continue to execute on our plan to sell most of the assets of GE Capital," said Keith Sherin, GE Capital chairman and CEO.