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GE to Sell Japan Business

GE to Sell Japan BusinessGE to Sell Japan Business

Sumitomo Mitsui Financial Group Inc. agreed to buy General Electric Co.’s Japanese finance and leasing business for about $4.8 billion to further expand its operations outside of banking, Bloomberg reported. The purchase by the Japanese lender’s leasing unit is expected to be completed by April, the companies said in a statement on Tuesday. It’s the second acquisition of a GE business by Sumitomo Mitsui this year, after it bought the US industrial giant’s European buyout-financing arm for $2.1 billion. The deal will help the bank’s Sumitomo Mitsui Finance & Leasing Co. unit expand in commercial lending as well as the leasing of automobiles, office equipment and construction machinery.

 

Financialtribune.com