GE Capital To Sell Mexican Operations To Grupo Financiero Satander (GE)

GE Capital, a unit of Fairfield, Connecticut-based General Electric Company GE, agreed to sell its consumer mortgage business in Mexico to Grupo Financiero Santander Mexico. The deal includes all of GE Capital's operations in Mexico, including the company's $2 billion consumer mortgage portfolio. The companyies did not initially disclose the financial terms of the transaction, which will require regulatory approval and is expected to close in the first half of 2011. President and CEO of GE Capital, Restructuring Operations Mark Begor said, “This sale is consistent with our strategy to exit non-strategic businesses that lack scale to help reduce GE Capital's balance sheet while investing in core industrial and commercial finance platforms, including in Mexico. Our team in Mexico has done a great job managing the mortgage portfolio and will be a good fit with Santander.” General Electric Company (GE) subsidiary GE Capital is one of the world's largest providers of credit, servicing over one million businesses. GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. Read more from Benzinga's Company news.