GE to Sell Mortgage Assets to Santander
Posted by | Posted in Business News | Posted on 23-12-2010
Spain’s Grupo Santander agreed to purchase a $2 billion mortgage portfolio of Mexican real-estate assets from General Electric Co.’s finance division for $162 million plus the assumption of debt.
The deal, expected to close next year, involves Grupo Financiero Santander Mexico acquiring all of GE’s consumer-mortgage business in Mexico, including its $2 billion consumer-mortgage portfolio.
The sale fits with GE Capital’s strategy “to exit non-strategic businesses that lack scale to help reduce GE Capital’s balance sheet while investing in core industrial” and other businesses said Mark Begor, president and chief executive of GE Capital’s restructuring operations.
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