World Economy

Capital One Buys GE Health-Care

Capital One Buys GE Health-CareCapital One Buys GE Health-Care

Capital One Financial Corp. agreed to buy General Electric Co.’s health-care finance unit for about $9 billion, as the bank best known for its credit cards builds a niche business into one of the industry’s largest, Bloomberg reported. Capital One will acquire the operation and about $8.5 billion of health-care-related loans, the companies said Tuesday in statements. The Healthcare Financial Services unit, put on the market this year as GE unloads the bulk of its finance arm, provides mortgages and loans to companies including nursing homes. The transformation has been fueled by a spree of acquisitions that have included smaller businesses, such as energy investment banking and health-care lending.