General Electric Capital Announces Another Asset Sale

General Electric Company GE continued its ongoing strategy of divesting non-core assets from its General Electric Capital unit.

General Electric has agreed to sell its Canadian Franchise Finance business to Canadian Western Bank. The company's unit provides financing across Canada to a group of companies within the hospitality and restaurant industries.

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The balance of loans to be acquired by Canadian Western Bank is approximately $350 million. Terms of the sale were not initially disclosed.

The transaction is expected to close in the third quarter of fiscal 2016.

Shares of General Electric were trading higher by around 1 percent Friday morning.