General Electric Co. is in talks to sell its biggest lending operation, a $74 billion unit that provides loans to midsize U.S. businesses, Dow Jones reported citing unidentified people familiar with the matter.
The company is in talks to sell all or part of the business to Wells Fargo & Co, according to Dow Jones. Other bidders are also involved, Dow Jones said, citing people familiar with the matter.
A GE spokesman declined to comment to Bloomberg News on the Dow Jones report.
GE has held talks with “a broad geographic spectrum” of buyers, including sovereign wealth funds and banks, as part of the effort to sell the bulk of its lending business, Chief Financial Officer Jeff Bornstein told Bloomberg last week.