Nov. 16, 2015, 2:57 AM
- The race to buy General Electric's (NYSE:GE) Japanese commercial-lending operation is nearing the finish line with two bidders remaining, sources told WSJ.
- The leasing arm of Sumitomo Mitsui Financial Group (NYSE:SMFG) and Shinsei Bank (OTCPK:SKLKY) submitted binding bids earlier this month and both will continue discussions for the business valued at nearly $5B.
- Media reports on Friday said GE was set to enter into exclusive talks with SMFG.
Feb. 26, 2014, 4:57 AM
- GE (GE) has agreed to pay $1.7B to Japan's Shinsei Bank (SKLKF) to end the conglomerate's exposure to compensation for interest refund claims.
- The deal will hit GE's Q4 and 2013 earnings by $1B, and net EPS by $0.09.
- GE's liability goes back to a loss-sharing agreement from 2008, when GE Capital sold its Japanese consumer operations to Shinsei for $5.4B. (PR)
Shinsei Bank and its subsidiaries are engaged in general banking including institutional banking, consumer and commercial finance, and retail banking with total assets of Y9,405,013 million as of Mar 31 2006. Co.'s principal services includes deposits, loans, securities investment,... More
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