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General Electric Co's Money Bank Sale To Value Company At Up To $1.67 Billion-Reuters


Wednesday, 16 Oct 2013 11:31am EDT 

Reuters reported that General Electric Co's flotation of its GE Money Bank is expected to value the Swiss consumer finance business at up to CHF1.53 billion ($1.67 billion), in a further step in the U.S. firm's retreat from the finance sector. GE Money Bank expects to raise up to CHF1.05 billion from the share sale it said on October 16, 2013. GE Capital, a subsidiary of General Electric, plans to sell up to 18 million shares, or 60% of Zurich-based Money Bank. Money Bank said it expects to price each of the shares in the sale, planned for October 30, at between CHF43 and CHF51 for a market capitalisation of up to CHF1.53 billion. 

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