MUFG to Acquire Supply Chain Finance Platform from GE Capital

MUFG Union Bank will acquire supply chain finance platform Trade Payable Services from GE Capital. The deal marks the third major divestment by GE Capital over the last six months.

GE Capital Sells Energy Project Finance Business to Starwood

Starwood Property Trust entered into an agreement to acquire GE Capital’s Energy Financial Services’ Project Finance Debt Business and loan portfolio for $2.56 billion.

GE Struggles to Fit GE Capital into New Plan

The Wall Street Journal reported GE continues to restructure the company, but it is still struggling to decide what to do with its lending unit, GE Capital.

SCOTUS Rules Fraud Perpetrator Not Liable for GE $5MM Costs

The U.S. Supreme Court ruled that Sergio Fernando Lagos does not have to reimburse GE Capital the $5 million the company paid to investigate his fraudulent activities. Lagos pled guilty to defrauding GE of more than $30 million.

GE CEO Flannery Announces Possible Company Breakup

The Wall Street Journal reported that GE Capital CEO John Flannery said he is considering breaking company divisions off into separately traded units.

Former GE Capital Exec Joins Wells Fargo to Launch Hotel Franchise Unit

Wells Fargo has formed a Hotel Franchise Finance division and hired Scott Andrews to lead the unit. Andrews previously ran the middle market Hotel Franchise Finance division at GE Capital.

Illinois Financing Partners Appoints Greta as President of IFP Services

Illinois Financing Partners, a qualified purchaser of Illinois receivables under the state’s Vendor Support Initiative, appointed GE Capital veteran Andrew Greta as president of IFP Services.

Antares Sues EBB Parent Holding to Collect $92MM Default

According to filings in the Supreme Court of the State of New York, Antares Capital, as successor to GE Capital, filed a suit against EBB Parent Holding over the company’s default of $92.2 million of outstanding loans.

Former GE Capital Lawyer Silva Joins DLA Piper as Partner

Michael Silva has joined the DLA Piper’s Government Affairs practice in NY. Previously with GE Capital, Silva led a global staff of 700 in overseeing compliance and regulatory activities across nine countries.

InterNex Capital Raises $3.85MM in Oversubscribed Offering

Digital asset-based lender InterNex Capital raised $3.85 million from family offices and private investors in an oversubscribed seed offering. InterNex was founded by former GE Capital senior executives.