GE Money Bank sets price range for Swiss IPO
ZURICH (Reuters) - General Electric (GE.N) expects to value its Swiss consumer finance unit GE Money Bank at a total market capitalization of up to 1.53 billion Swiss francs ($1.67 billion) when it lists it in the fourth quarter.
The price for each share will be between 43 and 51 Swiss francs at the initial public offering (IPO), Money Bank said on Thursday, part of General Electric's retreat from the finance sector to focus more on industrial business.
The pricing implies a total market capitalization of 1.29 billion to 1.53 billion Swiss francs, Money Bank said.
The selling shareholder, GE Capital Swiss Funding AG, would offer up to 18 million shares, or 60 percent of its stake, on the SIX Swiss exchange, Money Bank said.
General Electric has said it aims to shift its earnings mix to 70 percent industrial and 30 percent financial.
Its banking unit, GE Capital, which has a consumer finance and banking business specialized in credit cards, personal loans, auto financing and savings, contributed 45 percent of GE's earnings in 2012.
Proceeds from new listings have risen 14 percent this year globally but the Swiss market has been muted.
(Reporting by Alice Baghdjian; Editing by David Cowell)
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