GE Capital Updates Timing of Santander Consumer Finance Sale
GE Capital said it expects the close of its GE Money Bank AB (Nordics) consumer finance business sale to Santander Consumer Finance S.A., announced in June to be in Q4/14.
“The closing is progressing well. A number of regulatory approvals have been received, and the teams are working through the final steps in this process. We expect the deal to now close in the fourth quarter,” said GE Capital CEO Keith Sherin. “This sale is part of our overall strategy to focus GE Capital on our commercial portfolio with a goal of becoming 25% of GE’s overall earnings.”
GE Capital estimates the timing of the close, and the associated gain, will lower Q3/14 earnings by approximately $.02 per share and increase fourth quarter 2014 earnings by the same amount. There is no change to the full year outlook for GE or GE Capital.