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​GE unloads another financial unit

NEW YORK -General Electric's (GE) sell-off of its financial and lending operations continues, the latest a $485 million deal for its GE Asset Management.

GE said last year it was putting the unit on the block, and on Wednesday it confirmed a sale to State Street (STT), which expects to increase its assets under management by about $100 billion.

General Electric, based in Fairfield, Connecticut, has been on a years-long effort to return to its industrial core.

Late last year it sold its transportation financing unit to BMO Financial Group. It also sold its health care lending unit and related loans to Capital One (COF) for $9 billion.

The sale of GE Asset Management is expected to close in the third quarter.