GE Capital sells $2B mortgage portfolio

GE Capital sells $2B mortgage portfolio

INDIANAPOLIS

GE Capital will sell its $2 billion Mexican consumer mortgage portfolio to Grupo Financiero Santander Mexico in the latest sale of real-estate assets for a business that was stung badly during the recession.

The lending unit of Fairfield, Conn.-based General Electric Co. will receive about $170 million, according to a company official who wasn’t authorized to talk about the deal. That figure does not include debt. GE has provided consumer mortgages in Mexico since 2002. The sale of its Mexican consumer mortgage business is part of a push to shrink its balance sheet by dumping non-strategic businesses that lack scale.

From wire reports

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Selected prices at 4 p.m. Thursday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.