Deals
GE Buys Citigroup Loans in Consumer-Confidence Sign
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General Electric Co. bought retailer finance loans from Citigroup Inc., adding $1.6 billion in U.S.- based assets in GE Capital’s first consumer purchase since the financial crisis took hold in 2008.
The loan portfolio, part of the Citi Holdings group tagged for sale, provides consumer credit in three dozen retail chains for 18,000 locations, GE said in a statement today. Financial terms weren’t disclosed. The acquisition will add to earnings immediately, said Mark Begor, who oversees GE’s consumer finance divisions in the Americas.