Bloomberg reported Wells Fargo and TD Bank are exploring offers for a batch of U.S. commercial-lending businesses General Electric Co. is selling as it whittles down its finance arm.
According to Bloomberg, Capital One Financial and U.S. Bancorp are also weighing bids for the businesses that together have about $40 billion in loans.
Bloomberg reported the lenders have signed non-disclosure agreements to review financial information about four business lines – direct corporate lending, inventory finance, equipment leasing and transportation finance.
According to Bloomberg, GE will let bidders make offers for one or multiple businesses. It will tell potential buyers this week when initial bids are due.
To view the full Bloomberg report, click here.