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.
General Electric’s board of directors has determined to set the company’s quarterly dividend to a projected payout of $.12 per outstanding share, representing a 50% reduction from the current quarterly dividend.
Jamie Miller, CEO of GE Transportation, has been named the company’s chief financial officer, replacing Jeffrey S. Bornstein who will leave the company at the end of this year. GE Vice Chairs John Rice and Beth Comstock will also retire effective December 31, 2017.
The International Factoring Association added four new members to its eight-member board of advisors for two-year terms. Each member is an executive from a commercial finance company.
GE sold its shares in GE Capital Interbanca in Italy to Banca IFIS. The transaction represents an ending net investment of $3.6 billion.
GE and Baker Hughes have entered into an agreement to combine GE’s oil and gas business with Baker Hughes to create the second largest player in the oilfield equipment and services industry.
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 has completed its agreement to sell GE Capital’s Commercial Lending and Leasing portfolios in Australia and New Zealand to Bain Capital Credit.
GE completed the sale of GE Capital’s Franchise Finance U.S. hotel business to Western Alliance Bank. The sale includes $1.3 billion in ENI and the majority of the hotel business employees.