The TPS platform supports relationships with GE suppliers worldwide. Following the close of the proposed transaction, MUFG will assume management control of the systems and processes supporting the supply chain finance activities that GE Capital performs for GE.
“The acquisition of this world-class platform accelerates MUFG’s growth trajectory in supply chain finance and broadens our presence in this business,” said Kevin Cronin, MUFG’s head of North America Wholesale and Investment Banking. “TPS’ scale and functionality, combined with the outstanding product and coverage capabilities of our supply chain finance team, give MUFG a distinct competitive advantage in this high-growth segment.”
At close, GE suppliers will have the opportunity to transition to a new program with MUFG over the course of 18 to 24 months
The completion of the deal is subject to customary closing conditions, regulatory approvals and information/consultation processes where required in accordance with local laws.
“This is a positive development for GE Capital and for our GE industrial partners, external customers, and the suppliers we work with globally,” said Alec Burger, president of GE Capital. “MUFG’s position as a leading global financial institution and its strong supply chain finance capabilities make it an ideal fit for our TPS platform. We look forward to working with MUFG and are committed to ensuring a smooth transition of the platform from GE Capital.”