The Financing Arm of General Electric Agrees to Sell Australia, New Zealand Business

General Electric is selling another segment of its financial business, transferring its GE Capital consumer-lending operation in Australia and New Zealand to a group of investors in a deal valued more than $6 billion. Buyers include Varde Partners, a global investment firm, along with the investment firm KKR and DeutscheBank. GE Capital provides personal loans and credit cards to about 3 million consumers in Australia and New Zealand, along with financial services for major retailers. The deal does not involve its commercial financing business, which makes loans to mid-sized businesses in those countries. GE has recently spun off other lending units in North America and Europe.

Subscribe to TheStreetTV on YouTube:

For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:

source