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Italy: GE Capital sells Interbanca for €2bn

By  |  July 28, 2016

Italian bank Banca IFIS said on July 28, that it had agreed to buy GE Capital’s financial unit GE Capital Interbanca in a 2 billion euros deal.

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    Through the deal, IFIS will take on Interbanca’s debt of around 1.8 billion euros and is part of a broader strategy by General Electric to divest most of GE Capital’s businesses around the world.

    “This is an important step for Banca IFIS, whose employees will jump to 1,300 from current 820 headcounts,” Banca IFIS CEO Giovanni Bossi said.

    This acquisition will allow Banca IFIS to enter the business of medium-term lending, while bolstering its factoring and leasing businesses.

    Full Content: Reuters

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