General Electric Co Plans Sale Of Australian Insurance Unit-DJ

Thursday, 9 May 2013 05:42am EDT 

Dow Jones reported that General Electric Co is planning the sale of its Australian insurance unit in a deal which could fetch the Company around AUD300 million (USD307 million), according to a person with knowledge of the transaction. Nomura Holdings Inc. has begun sounding out potential buyers for the unit, known as GE Capital Insurance, which provides consumer credit insurance to around 3 million customers throughout Australia and New Zealand. As part of any deal, the group's consumer finance arm GE Capital is seeking to enter into a 10-year insurance distribution agreement with buyer of its insurance unit, to sell existing and a broader range of financial services products like general and life insurance through its distribution network. 

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