May 26, 2011
GE Capital, the financial services arm of General Electric Co (NYSE:GE) sold its 49.77% stake in Banco Colpatria of Colombia to its joint-venture partner, Mercantil Colpatria.
Bill Cary, Chief Operating Officer of GE Capital, said, "This is a good deal for GE, and furthers our objective of reducing the overall size of GE Capital, we have enjoyed working with Banco Colpatria's world-class management team to successfully grow the business over the past four years. We believe this transaction will be positive for the Bank which has excellent prospects for future growth."
The multinational conglomerate did not disclose the terms of the deal. Subject to regulatory approval and other conditions, the deal is expected to complete in Q2.
The sale is part of GE's effort to shrink GE Capital, which suffered large losses during the financial crisis.
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