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GE Plans Partial IPO of Consumer Finance Unit in 2014

General Electric Co. will finish shrinking its finance business by 2015 after spinning off the North American consumer lending unit, capping Chief Executive Officer Jeffrey Immelt’s effort to reduce credit risks.

As much as 20 percent of the unit will be sold in a 2014 initial public offering, GE Capital CEO Keith Sherin said today at an investor meeting in Norwalk, Connecticut. In a second step, the remaining shares will be distributed to GE stockholders in a tax-free transaction.