GE to Sell Its Shares in GE Capital Interbanca S.p.A to Banca IFIS S.p.A
July 28 2016 - 12:31AM
Business Wire
- Transaction Aligns with GE’s Strategy
to Create Simpler, More Valuable Industrial Company
- GE Capital’s Announced Sales Now Total
Approximately US$189 Billion (ENI)
GE (NYSE:GE) has entered into an agreement with Banca IFIS S.p.A
to sell its shares in GE Capital Interbanca S.p.A in Italy. The
transaction includes employees of the business and represents
ending net investment (ENI) of approximately US$3.7 billion as of
the end of the first quarter of 2016. The transaction is subject to
customary regulatory approvals and is expected to close around the
end of 2016.
GE Capital Interbanca in Italy provides commercial lending,
factoring, and lease financing products to smaller and mid-sized
companies.
“As we continue to execute on our strategy to sell our financing
businesses that aren’t linked to GE, the Italian platform is our
last major European transaction,” said GE Capital Chairman and CEO
Keith Sherin. “We are pleased to reach agreement with Banca IFIS, a
growing bank with complementary products and customers, who will
continue to serve our Italian customers as they grow,” he
added.
As previously announced, GE is focusing on its high-value
industrial businesses and is selling most GE Capital assets. GE
will retain the financing verticals that relate directly to GE’s
industrial businesses.
Since the announcement in April, 2015, GE Capital has signed
agreements for the sale of approximately US$189 billion of
businesses and has closed approximately US$168 billion of those
transactions. GE Capital plans to have largely completed the
process of selling approximately $200 billion of GE Capital
businesses not linked to GE by the end of 2016. GE Capital believes
it is on track to deliver about $35 billion of dividends to GE
under this plan, subject to regulatory approval.
About GE
GE (NYSE: GE) is the world’s Digital Industrial
Company, transforming industry with software-defined
machines and solutions that are connected, responsive and
predictive. GE is organized around a global exchange of
knowledge, the "GE Store," through which each business shares and
accesses the same technology, markets, structure and intellect.
Each invention further fuels innovation and application across our
industrial sectors. With people, services, technology and scale, GE
delivers better outcomes for customers by speaking the language of
industry. www.ge.com
GE’s Investor Relations website at www.ge.com/investor and our
corporate blog at www.gereports.com, as well as GE’s Facebook page
and Twitter accounts, including @GE_Reports, contain a significant
amount of information about GE, including financial and other
information for investors. GE encourages investors to visit these
websites from time to time, as information is updated and new
information is posted.
About Banca IFIS
The Banca IFIS Group (IF:IM) is the only independent banking
group in Italy that specialises in the segment of trade
receivables, distressed retail loans and tax receivables. The
brands through which the Group operates are: Banca IFIS Impresa
(dedicated to trade finance loans to SMEs operating on the Italian
market and companies expanding abroad or foreign companies dealing
with Italian customers); Banca IFIS Pharma (trade finance loans to
the main suppliers of local healthcare units and a business unit
dedicated to financing for Pharmacies); Banca IFIS NPL Area
(non-performing loans sector, together with CrediFamiglia, which
specialises in the settlement of financial debts); Fast Finance
(focusing on tax receivables); IFIS Finance (financial solutions
for companies operating on the Polish market). IFIS is present on
the retail market with the rendimax savings account and the
contomax current account. Listed on the Star Segment of Borsa
Italiana, the Banca IFIS Group is an innovative and steadily
growing business.
Caution Concerning Forward-Looking Statements:
This document contains "forward-looking statements" – that is,
statements related to future events that by their nature address
matters that are, to different degrees, uncertain. For details on
the uncertainties that may cause our actual future results to be
materially different than those expressed in our forward-looking
statements, see
http://www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements
as well as our annual reports on Form 10-K and quarterly reports on
Form 10-Q. We do not undertake to update our forward-looking
statements. This document also includes certain forward-looking
projected financial information that is based on current estimates
and forecasts. Actual results could differ materially.
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GEInvestor Contact:Matt Cribbins, +1
203-373-2424matthewg.cribbins@ge.comorMedia Contact:Ned
Reynolds, +1 203-840-5075ned.reynolds@ge.com
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