GE Receives Offer For French Prime Mortgage Business

(RTTNews) - General Electric (GE) Friday said it received an offer for the potential sale of its French prime mortgage portfolio from a newly established French FCT entity whose units are being subscribed to by BAWAG P.S.K.

The sale would represent ending net investment of about $1.9 billion as of the end of the second quarter. The deal is expected to close in fourth quarter subject to regulatory approval.

"We are pleased to receive a binding offer for our French prime mortgage portfolio," said Keith Sherin, GE Capital chairman and CEO. "If completed, along with the potential sale of GE Money Bank France/DOMs announced on June 23, 2016, this would represent GE Capital's exit from French consumer finance."

As previously announced, GE is focusing on its high-value industrial businesses and is selling most of GE Capital's assets. GE will retain the financing verticals that relate directly to GE's industrial businesses.