GE Capital said Thursday that it would sell its 49.77% stake in Banco Colpatria to its current joint venture partner Mercantil Colpatria. Terms of the exit were not released. The deal is expected to close by June 30.
GE Capital announced today that it has agreed to sell its 49.77% stake in Banco Colpatria to its current joint venture partner Mercantil Colpatria, for an undisclosed amount. Deal closing is subject to the customary regulatory approvals and the parties anticipate closing by June 30th 2011.
“This is a good deal for GE, and furthers our objective of reducing the overall size of GE Capital,” said Bill Cary, Chief Operating Officer of GE Capital. “We have enjoyed working with Banco Colpatria’s world-class management team to successfully grow the business over the past four years. We believe this transaction will be positive for the Bank which has excellent prospects for future growth.”
Fabiola Sojet, GE National Executive for Colombia and Venezuela commented, “the sale of our investment in Banco Colpatria is in line with GE’s global strategy of focusing investment on strengthening and consolidating its position in the industrial sector. GE remains committed to ongoing investment in Colombia. Currently almost every GE business has a direct presence in the country, providing the Colombian market with high technology products and services, particularly in sectors such as energy, oil and gas, healthcare, security, water among others. The company is ideally placed to succeed in the Colombian market today and maximize opportunities arising in the future.”
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GE CAPITAL, THE GLOBAL FINANCE UNIT OF GENERAL ELECTRIC, OFFERS CONSUMERS AND BUSINESSES AROUND THE GLOBE AN ARRAY OF FINANCIAL PRODUCTS AND SERVICES. GE (NYSE: GE) IS A DIVERSIFIED INFRASTRUCTURE, FINANCE AND MEDIA COMPANY TAKING ON THE WORLD’S TOUGHEST CHALLENGES.