General Electric Co has launched the sales process for a roughly $40 billion portion of its U.S. commercial lending assets as a part of its broad retreat from its finance businesses, sources familiar with the situation said Sunday.
The businesses include its commercial distribution finance business, involving dealers of boats and recreational vehicles; equipment finance, which includes loans to buy trucks and construction equipment; and corporate finance, which is for direct lending and leasing to midsize companies, sources said.
The conglomerate announced in April it planned to sell most of its finance businesses.
A GE spokesman declined to comment.
These GE business units could all go to a single buyer or could be divided and sold separately, the sources said.
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