| LONDON/STOCKHOLM, March 31
LONDON/STOCKHOLM, March 31 U.S. conglomerate
General Electric is exploring the sale of its GE Money
Bank unit in the Nordic region, which could fetch up to 2
billion euros ($2.75 billion), as it retreats from the finance
sector, sources close to the matter told Reuters.
GE Money Bank, established in the Nordic market in 1993, is
part of General Electric's (GE) financial arm GE Capital, which
is working with Bank of America Merrill Lynch to review
its options, three sources said.
GE and Bank of America declined to comment.
GE has said it aims to shift its earnings mix to 70 percent
from the industrial sector and 30 percent from the financial
Its banking business, GE Capital, which has a consumer
finance and banking business specialising in credit cards,
personal loans, auto financing and savings, contributed 45
percent of GE's earnings in 2012.
The conglomerate has already sold its consumer credit
business in Austria and Germany to Spanish bank Santander
and floated its Swiss consumer lending business,
renamed Cembra Money Bank.
Potential buyers for GE Money Bank Nordics include private
equity firms as well as strategic players with a consumer
finance presence in the region, the sources said.
GE Money Bank Nordics employs 800 people with a presence in
Denmark, Norway and Sweden and is active in loans and credits,
credit cards, deposits and insurance.
Bank of America also acted as joint bookrunner on the Cembra
flotation in October.
($1 = 0.7258 Euros)
(Additional reporting by Arno Schuetze in Frankfurt; Editing by