GE Capital Completes Sale of Its Shares in GE Capital Interbanca S.p.A to Banca IFIS S.p.A
November 30 2016 - 9:45AM
Business Wire
- GE Capital’s Completed Deals to Date
Total Approximately US$186 Billion (ENI)
- GE continues transformation to more
focused Digital Industrial Company
GE (NYSE: GE) has today sold its shares in GE Capital Interbanca
S.p.A in Italy to Banca IFIS S.p.A. This transaction represents
ending net investment (ENI) of approximately US$3.6 billion as of
the end of the third quarter 2016.
“As we continue to execute on our strategy to sell most of GE
Capital’s assets, we are pleased to sell our shares in GE Capital
Interbanca to Banca IFIS, an established, growth-oriented bank in
Italy,” said GE Capital Chairman and CEO Rich Laxer. “We wish our
colleagues in Interbanca a successful future as they join Banca
IFIS,” he added.
As previously announced, GE is focusing on its high-value
industrial businesses and is selling most GE Capital assets. GE
will retain the financing verticals that relate directly to GE’s
industrial businesses.
Since the announcement in April, 2015, GE Capital has signed
agreements for the sale of approximately US$195 billion of
businesses and has closed approximately US$186 billion of those
transactions, including this one. GE Capital plans to have largely
completed the process of selling approximately $200 billion of GE
Capital businesses not linked to GE by the end of 2016. GE Capital
believes it is on track to deliver about $35 billion of dividends
to GE under this plan, subject to regulatory approval.
About GE
GE (NYSE: GE) is the world’s Digital Industrial
Company, transforming industry with software-defined
machines and solutions that are connected, responsive and
predictive. GE is organized around a global exchange of
knowledge, the "GE Store," through which each business shares and
accesses the same technology, markets, structure and intellect.
Each invention further fuels innovation and application across our
industrial sectors. With people, services, technology and scale, GE
delivers better outcomes for customers by speaking the language of
industry. www.ge.com
GE’s Investor Relations website at www.ge.com/investor and our
corporate blog at www.gereports.com, as well as GE’s Facebook page
and Twitter accounts, including @GE_Reports, contain a significant
amount of information about GE, including financial and other
information for investors. GE encourages investors to visit these
websites from time to time, as information is updated and new
information is posted.
Caution Concerning Forward-Looking Statements:
This document contains "forward-looking statements" – that is,
statements related to future events that by their nature address
matters that are, to different degrees, uncertain. For details on
the uncertainties that may cause our actual future results to be
materially different than those expressed in our forward-looking
statements, see
http://www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements
as well as our annual reports on Form 10-K and quarterly reports on
Form 10-Q. We do not undertake to update our forward-looking
statements. This document also includes certain forward-looking
projected financial information that is based on current estimates
and forecasts. Actual results could differ materially.
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version on businesswire.com: http://www.businesswire.com/news/home/20161130005831/en/
Investors:Matt Cribbins, +1
203-373-2424matthewg.cribbins@ge.comorMedia:Christine
Mohrmann, +44 7825 113 195christine.mohrmann@ge.com
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