FAIRFIELD (dpa-AFX) - General Electric Company (GE) Thursday announced today it agreed to sell its GE Capital, Transportation Finance business in the U.S. and Canada to BMO Financial Group (BMO, BMO.TO)
Keith Sherin, GE Capital chairman and CEO, 'We continue to execute on our asset sales and are on track to reduce our ending net investment (ENI) by US$100 billion by the end of 2015 and expect to be substantially done with our exit strategy by the end of 2016.'
GE Capital, Transportation Finance provides wholesale and commercial end-user financing to OEMs, dealers and end users for heavy and medium duty commercial trucks and trailers. BMO will retain the Transportation Finance management team and employees.
With this transaction, the total for 2015 announced sales is about $85 billion.
Sherin concluded, 'We expect to reach sales agreements for the majority of our U.S. businesses by the end of this year and the sale of our Transportation Finance business, one of our core commercial lending and leasing businesses, gets us closer to that goal.'
BMO said the deal is expected to be immediately accretive to its adjusted earnings.
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