GE Capital, the financial services division of GE (NYSE:GE), said today
that it now expects the close of its GE Money Bank AB (Nordics) consumer
finance business sale to Santander Consumer Finance S.A., announced on
June 21, 2014, to be in the fourth quarter of 2014.
“The closing is progressing well. A number of regulatory approvals have
been received, and the teams are working through the final steps in this
process. We expect the deal to now close in the fourth quarter,” said GE
Capital CEO Keith Sherin. “This sale is part of our overall strategy to
focus GE Capital on our commercial portfolio with a goal of becoming 25%
of GE’s overall earnings.”
GE Capital estimates the timing of the close, and the associated gain,
will lower third quarter 2014 earnings by approximately $.02 per share
and increase fourth quarter 2014 earnings by the same amount. There is
no change to the full year outlook for GE or GE Capital.
About GE Capital:
GE Capital offers customers around the globe an array of financial
products, services and insights to help them grow their businesses. For
more information, visit www.gecapital.com
or follow company news via Twitter (@GECapital).
About GE:
GE (NYSE:GE) works on things that matter. The best people and the
best technologies taking on the toughest challenges. Finding solutions
in energy, health and home, transportation and finance. Building,
powering, moving and curing the world. Not just imagining. Doing. GE
works. For more information, visit the company’s website at www.ge.com.
Copyright Business Wire 2014