GE to sell Czech bank unit in two years: newspaper

(Reuters) – General Electric (GE) (GE.N) will sell its Czech banking unit within two years, the bank’s Chief Executive Sean Morrissey was quoted saying on Wednesday in newspaper Hospodarske Noviny.

The sale, estimated to be worth more than 20 billion crowns ($784 million), is part of a global push of GE to become a simpler industrial business instead of the current hybrid of banking and manufacturing.

GE Money Bank is the sixth-largest bank in the Czech market with around 1 million customers in the European Union member country of 10.5 million people.