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Banca IFIS is set to acquire a 99.99% interest in GE Capital Interbanca in a move to become the leading specialty finance provider for SMEs in Italy.
The shares, sold by parent company GE, will be sold at an agreed price of €160 million ($177.4 million), subject to price adjustments. The acquisition includes the employees of the business.
Commenting on the agreement, Sebastien Egon Fürstenberg, chairman of Banca IFIS, said:
“We have the willingness, dedication and commitment to develop and issue new loans for trade finance and the new sectors that will be added to the current operations of Banca IFIS".
GE Capital Interbanca provides commercial lending, factoring, and lease financing products to Italian SMEs. The acquisition strategy will continue to drive these products forward.
The agreement comes as GE continues a divestment plan that will return the company to industrial operations. It has said that it will retain financing operations that remain critical to its industrial businesses but will continue to sell others.
Since April 2015, it has signed agreements for the sale of approximately $189 billion of businesses and has closed approximately $168 billion of those transactions.
Among other transactions, GE sold its commercial lending and leasing portfolios in Australia and New Zealand in November last year.