All about the money

GE selling some fleet busi­nesses to El­e­ment for US$6.9 bil­lion

The China Post - - BUSINESS INDEX & -

Gen­eral Elec­tric Co. is selling its U.S., Mexico, Aus­tralia and New Zealand fleet busi­nesses to El­e­ment Fi­nan­cial Corp. for US$6.9 bil­lion.

GE Cap­i­tal Fleet Ser­vices pro­vides com­mer­cial car and truck fi­nanc­ing and fleet-man­age­ment ser­vices. GE re­cently an­nounced it would sell most of GE Cap­i­tal over the next two years for about US$26.5 bil­lion.

The U.S. and Mexico deal is ex­pected to close in the third quar- ter, while the Aus­tralia and New Zealand trans­ac­tion is tar­geted to close in the fourth quar­ter.

The Fair­field, Con­necti­cut­based com­pany also said Mon­day that it has a mem­o­ran­dum of un­der­stand­ing for the pos­si­ble sale of its Euro­pean fleet busi­nesses to BNP Paribas sub­sidiary Ar­val. If ap­proved, the deal is ex­pected to close in the fourth quar­ter.

The trans­ac­tions don’t in­clude GE Cap­i­tal’s fleet busi­ness in Ja­pan.

AFP

Afghan money chang­ers count Afghani ban­knotes at the cur­rency ex­change Sarayee Shahzada mar­ket in Kabul on Mon­day, June 29. The Afghani ex­change rate against the U.S. dol­lar is US$1 to 6.75 Afghani. The ex­change rate against other cur­ren­cies is de­cided by the Cen­tral Bank of Afghanistan.

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