World Economy

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.