GE Capital completed the spin-off of Bank BPH’s Core Bank to Alior Bank, representing ENI of $3.6 billion. GE has closed $178 billion of transactions since announcing it would sell $200 billion of business by the end of 2016.
Super G Funding added senior executive Steve Bellah to its Cash Flow Lending Division. Bellah formerly worked with CIT, GE Capital, Siena Lending and Wells Fargo Foothill, among others.
Reuters reported that Antares Capital is arranging a $395 million term loan for August Sportswear, which will replace its existing $367 million unitranche loan with GE Capital and Ares Capital.
Wells Fargo completed the purchase of the Europe, Middle East and Africa segment of GE Capital’s Commercial Distribution Finance business.
Bloomberg reported that due to concerns that GE may add debt in order fo fund future acquisitions, S&P Global Ratings cut the company’s credit rating
GE completed the sale of GE Capital’s U.S. restaurant financing assets to First Horizon National, Wintrust Financial and Sterling National Bank.
Reuters reported JPMorgan Chase hired Clarence Nunn, the former chief executive of GE Capital’s franchise finance business, to lead its middle market expansion strategy in the Southeastern U.S.
GE completed the sale of its Commercial Lending and Leasing business in India to a consortium of former GE Capital executives.
Keith Sherin will retire from his post as GE vice chairman and GE Capital chairman and CEO on December 31. He will be replaced by Richard A. Laxer, current GE Capital international president and CEO.