Watch CBSN Live

GE sells more chunks of its finance unit

NEW YORK - General Electric Co. (GE) said Wednesday that it completed two more sales involving its GE Capital finance unit, part of a plan to return to its industrial roots and sell most of finance-related assets. It did not disclose the amount it received for either property.

The Fairfield, Connecticut, company said it closed on a deal to sell its European Sponsor Finance business to Sumitomo Mitsui Banking Corporation Europe. GE said that business is worth $2.1 billion.

GE also closed a deal to sell a portfolio of loans from its U.K. home lending business to Kensington Mortgage Company Ltd. The loan portfolio is worth $3.7 billion, GE said.

GE shares rose 57 cents, or 2.3 percent, to $25.87 in afternoon trading Wednesday.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.