General Electric is selling another segment of its financial business, transferring its GE Capital consumer-lending operation in Australia and New Zealand to a group of investors in a deal valued at roughly $AU8.25 billion ($US6.3 billion).
Buyers include Varde Partners, a global investment firm based in Minneapolis, USA, along with the investment firm KKR and DeutscheBank.
GE Capital provides personal loans and credit cards to about 3 million consumers here and in New Zealand, along with financial services for major retailers, the company said Sunday. The deal does not involve its commercial financing business, which makes loans to mid-sized businesses in those countries.
GE has recently spun off other lending units in North America and Europe. Its headquarters is in Fairfield, Connecticut.