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GE completes sale of Bank BPH's Core Bank to Alior Bank.

Global Banking News-November 7, 2016--GE completes sale of Bank BPH's Core Bank to Alior Bank

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Global Banking News - 07 November 2016

GE (NYSE:GE) has said that it has completed the sale of Bank BPH's Core Bank (WSE: BPH) to Alior Bank (WSE: ALR), representing total ending net investment (ENI) of nearly USD3.6bn, at the end of the third quarter 2016.

Under the transaction, GE Capital will retain the Bank BPH legal entity, including its mortgage business, representing total ENI of nearly USD4.1bn. Alior Bank is a bank in CEE that serves both individual and business customers.

'As we work to execute on our strategy to sell most of GE Capital's assets we are pleased to sell Bank BPH's Core Bank to Alior Bank, one of Poland's most well-respected banks and focused on growth,' said Rich Laxer, GE Capital chairman and CEO. 'We wish our colleagues in Bank BPH's Core Bank a successful future as they join Alior Bank.'

The move is part of GE's previously announced strategy to offload its non-core businesses. As a result, GE Capital has signed agreements for the sale of nearly USD193bn of businesses and has closed nearly USD178bn of those transactions. GE Capital plans to complete the sale of nearly USD200bn of businesses by the end of 2016.

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Publication:Global Banking News (GBN)
Date:Nov 7, 2016
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