Jan 31 General Electric Co has hired
Goldman Sachs Group Inc and JPMorgan Chase & Co
to lead the initial public offering of its North American retail
finance business, the Financial Times reported on Friday, citing
A filing is expected in the next two months, the report
GE announced plans in November to spin off its credit card
business into a separately traded company as it tries to reduce
its exposure to its financial businesses.
The company said at the time that it planned an IPO of up to
20 percent of the retail finance business in 2014. In 2015, GE
plans to exit the rest of the business by giving its
shareholders the chance to swap GE stock for shares of the new
The new company should be worth roughly $16 billion to $18
billion, bankers have estimated.
Spokesmen for GE, Goldman Sachs and JPMorgan declined to