In concert with its continued plan to sell off GE Capital assets, GE has agreed to an offer of $2.2 billion for acquisition of its European sponsor finance business by Sumitomo Mitsu Banking Corporation.

“As GE Capital continues to execute on its strategy to sell most of the assets of GE Capital, this agreement with SMBCE shows our European businesses are of great interest to financial services firms around the world,” said Keith Sherin, GE Capital chairman and CEO. “We had many indications of interest in this business and are pleased to partner with SMBCE on the sale of this franchise.”

The transaction is subject to customary regulatory approval and is expected to close in the third quarter of 2015. Bank of America Merrill Lynch and Citigroup Global Markets provided financial advice and Clifford Chance was a legal advisor for GE Capital.

GE Capital will retain its $1 billion investment in the European senior secured loan programme and European loan programme, both joint ventures between affiliates of GE Capital and Ares Capital.

According to GE, since its windfall announcement on April 10 that it would be selling most of its GE Capital assets to focus on industrial business, GE has signed agreements to sell roughly $23 billion in assets, including yesterday’s $6.9 billion sale of GE Capital’s Fleet Services to Element Financial.