General Electric sold an online bank for a “insignificant” amount

Goldman Sachs will buy from General Electric (GE) online bank GE Capital Bank with $ 16 billion on deposits ($ 8 billion in client and brokerage), the investment group said.

The amount of the transaction is not disclosed. According to The Wall Street Journal (WSJ), it was "insignificant" for Goldman Sachs. According to the newspaper, it is more noteworthy in this transaction that the bank has no restrictions on the number of online deposits, and it serves 140 thousand retail customers.

For Goldman Sachs, which specializes in servicing organizations and wealthy customers, this is a significant step, WSJ notes. For GE, the sale of the bank was a continuation in the implementation of the plan to reduce the presence of the company's financial unit in the market.

GE is necessary so that the company is excluded from the list of “systematic financial institutions”, to which more stringent control measures are applied in the USA.

At the end of June, GE agreed with the Canadian Element Financial Corporation on the sale of GE Capital Fleet Services (car management business) in the USA, Mexico, Australia and New Zealand. In April, the company announced the sale of almost all real estate assets.

General Electric intends to sell almost all GE Capital assets for two years.