GE Capital, the financial services division of GE (NYSE:GE), said today
that it has closed the sale of its GE Money Bank AB (Nordics) consumer
finance business to Santander Consumer Finance S.A. The deal was
announced on June 21, 2014.
“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,” said Keith Sherin, chairman and CEO, 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.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This document contains “forward-looking statements” – that is,
statements related to future, not past, events. In this context,
forward-looking statements often address our expected future business
and financial performance and financial condition, and often contain
words such as “expect,” “anticipate,” “intend,” “plan,” “believe,”
“seek,” “see,” “will,” “would,” or “target.” Forward-looking statements
by their nature address matters that are, to different degrees,
uncertain, such as statements about expected income; revenues; net
interest margin; cost structure; restructuring charges; cash flows;
assets; return on capital or assets; capital structure, including Tier 1
common ratio; and dividends. For us, particular uncertainties that could
cause our actual results to be materially different than those expressed
in our forward-looking statements include: current economic and
financial conditions, including interest and exchange rate volatility,
commodity and equity prices and the value of financial assets; the
impact of conditions in the financial and credit markets on the
availability and cost of our funding and our exposure to counterparties;
the impact of conditions in the housing market and unemployment rates on
the level of commercial and consumer credit defaults; pending and future
mortgage securitization claims and litigation in connection with WMC,
which may affect our estimates of liability, including possible loss
estimates; our ability to maintain our current credit rating and the
impact on our funding costs and competitive position if we do not do so;
our ability to pay dividends to GE at the planned level, which may be
affected by our cash flows and earnings, financial services regulation
and oversight, and other factors; the level of demand and financial
performance of the major industries and customers GE serves; the
effectiveness of our risk management framework; the impact of regulation
and regulatory, investigative and legal proceedings and legal compliance
risks, including the impact of financial services regulation; adverse
market conditions, timing of and ability to obtain required bank
regulatory approvals, or other factors relating to GE or Synchrony
Financial that could prevent GE from completing the Synchrony split-off
as planned; our success in completing announced transactions, including
the sale of GE Money Bank AB (Nordics); our success in integrating
acquired businesses and operating joint ventures; the impact of
potential information technology or data security breaches; and the
other factors that are described in “Risk Factors” in our Annual Report
on Form 10-K for the year ended December 31, 2013. These uncertainties
may cause our actual future results to be materially different than
those expressed in our forward-looking statements. We do not undertake
to update our forward-looking statements. This document includes certain
forward-looking projected financial information that is based on current
estimates and forecasts. Actual results could differ materially.
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