GE has entered into an agreement with Banca IFIS to sell its shares in GE Capital Interbanca in Italy. The transaction includes employees of the business and represents ending net investment of approximately $3.7 billion as of the end of the first quarter of 2016. The transaction is subject to customary regulatory approvals and is expected to close around the end of 2016.

GE Capital Interbanca in Italy provides commercial lending, factoring and lease financing products to small- and mid-sized companies.

“As we continue to execute on our strategy to sell our financing businesses that aren’t linked to GE, the Italian platform is our last major European transaction,” said GE Capital Chairman and CEO Keith Sherin. “We are pleased to reach agreement with Banca IFIS, a growing bank with complementary products and customers, who will continue to serve our Italian customers as they grow.”

The Banca IFIS is the only independent banking group in Italy that specializes in the segment of trade receivables, distressed retail loans and tax receivables.