Daily News: December 5, 2012

UBS Said to Be Bidder for GE’s Swiss Consumer Business


The Globe and Mail reported, citing sources that told Reuters, that GE Capital wants to sell its Swiss consumer lending business and Swiss bank UBS is a possible bidder in a deal that could be worth up to $1.6 billion.

The Globe and Mail said that UBS is one of at least two parties who planned to submit bids for GE Money Bank in an auction process. A UBS purchase of GE’s consumer business would confirm its stated desire to refocus on its home market as it scales bank in investment banking, the newspaper noted.

To read the Globe and Mail story, click here.