Toronto-based BMO Financial Group completed the acquisition of General Electric Capital’s U.S. transportation finance business, the companies announced today.
The net earning assets of the unit are valued at $11.9 billion CAD or $8.9 billion USD. The sale is a part of the strategy to focus the GE Capital arm on industrial operations, such as producing jet engines or medical equipment, the parent company announced in September.
“It is another important step as we continue to execute on our plan to sell most of the assets of GE Capital,” Keith Sherin, GE Capital chairman and chief executive said in a statement.
The newly-formed transportation finance business at BMO will provide financing for heavy duty and medium duty trucks and trailers, the company said in September. GE Capital’s former team, lead by Dan Clark, will continue to head the business line.
