General Electric Capital Announces Another Asset Sale
General Electric Company (NYSE: GE) continued its ongoing strategy of divesting non-core assets from its General Electric Capital unit.
General Electric has agreed to sell its Canadian Franchise Finance business to Canadian Western Bank. The company's unit provides financing across Canada to a group of companies within the hospitality and restaurant industries.
Related Link: GE Announces Another Asset Sale, Company To Sell Majority Stake In Bank BPH's Core Bank To Alior Banki
The balance of loans to be acquired by Canadian Western Bank is approximately $350 million. Terms of the sale were not initially disclosed.
The transaction is expected to close in the third quarter of fiscal 2016.
Shares of General Electric were trading higher by around 1 percent Friday morning.
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Posted-In: Canadian Western Bank GE Capital General Electric General Electric CapitalNews Asset Sales
