GE said Tuesday that it has agreed to sell its European Sponsor Finance business to Sumitomo Mitsui Banking Corp. Europe Ltd., a subsidiary of Sumitomo Mitsui Banking Corp., for about $2.2 billion. The GE business provides sponsor finance for European mid-market private equity deals. GE Capital is keeping its $1 billion investment in the European Senior Secured Loan Programme and European Loan Programme, both joint ventures between GE Capital and Ares Capital. The deal is expected to close in third quarter. Bank of America Merrill Lynch and Citigroup Global Markets advised GE.