The transaction represents aggregate ending net investment (ENI) of approximately $3.6bn at the end of the third quarter 2016.
GE Capital retains the Bank BPH legal entity, including its mortgage business, representing aggregate ENI of approximately $4.1bn.
GE Capital chairman and CEO Rich Laxer said: “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.
“We wish our colleagues in Bank BPH’s Core Bank a successful future as they join Alior Bank.”
As previously announced, GE has embarked on a strategy to create a simpler, more valuable company by reducing the size of its financial businesses and by focusing on continued investment and growth in its world-class industrial businesses. GE will retain the financing businesses that relate directly to GE’s industrial businesses.
Since the April 2015 announcement, GE Capital has signed agreements for the sale of approximately $193bn of businesses and has closed approximately $178bn of those transactions, including this transaction.
GE Capital plans to have largely completed the process of selling approximately $200bn of businesses by the end of 2016 and believes it is on track to deliver approximately $35bn of dividends to GE under this plan.
