Fleet News

'Business as usual' for GE Capital Fleet Services as GE announces it is up for sale

GE Capital

GE Capital promises it will be business as usual for its fleet customers after being put up for sale by its parent company.

General Electric has announced plans to reduce the size of its financial businesses through the sale of most GE Capital assets - including its fleet management and commercial lending and leasing businesses - over the next 24 months to allow it to focus on continued investment and growth in its industrial businesses.

GE Capital Fleet Services currently has 250 customers operating around 47,000 vehicles.  

A GE Capital statement said: “Here in the UK, GE Capital is open for business. We remain fully committed to our customers and are focused on delivering for each and every one.

"We anticipate being able to sell our businesses to buyers who are fully committed to and invested in the financial services industry and can offer a good environment for growth."

GE added: "GE Capital has been an important part of the history of GE. However, the business model for large, wholesale-funded financial companies has changed, making it increasingly difficult to generate acceptable returns going forward."

“The successful IPO of GE’s retail finance business, Synchrony Financial, and other recent business exits have demonstrated that our financial services assets can be more valuable to others,” said GE Capital Chairman and CEO Keith Sherin.

“GE Capital’s businesses are excellent, and this is a great market for selling financial assets. Our people are world-class. We are confident these businesses will thrive elsewhere.”

  • Click here for an industry profile on GE Capital 

 


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