GE is selling its commercial lending and leasing business to Wells Fargo
As part of its plan to focus on manufacturing, General Electric Co. said it will sell commercial lending and leasing businesses worth more than $30 billion to Wells Fargo & Co., Reuters reported. Overall, General Electric is selling $200 billion in GE Capital financing assets that include the marine, recreational vehicle and motorsports industries, as well as the vendor finance business that serves sectors including construction and technology. Wells Fargo said in a release that the deal covers $32 billion in GE Finance assets and 3,000 employees. The transaction is expected to close in the first quarter of 2016.
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