GE Capital Announces Sale of Stake in Banco Colpatria to Mercantil Colpatria
GE Capital announced 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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About GE Capital
GE Capital is one of the world’s largest providers of credit. For over one million businesses, large and small, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. For our 100+ million consumer customers, GE Capital offers credit cards, retail sales finance programs, home, car and personal loans and credit insurance. For more information, visit gecapital.com or follow company news via Twitter @GECapital.
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