General Electric (GE) is to sell its GE Capital portfolio of health care equipment leases and loans to TIAA Bank for $$1.5 billion. Led by CEO Larry Culp, the company is attempting to raise money to pay its debts by unloading assets. The GE Capital portfolio financed US medical equipment for 1,100 hospitals and 3,600 physician practices and medical facilities. GE and TIAA Bank have agreed a five-year vendor financing arrangement for GE Healthcare’s customers. The health care equipment's finance team’s leadership and sales staff will be integrated into the division in 2019; GE intends to spin it off.
General Electric (GE) is to sell its GE Capital portfolio of health care equipment leases and loans to TIAA Bank for $1.5bn. Led by CEO Larry Culp, the company is attempting to raise money to pay its debts by unloading assets. The GE Capital portfolio financed US medical equipment for 1,100 hospitals and 3,600 physician practices and medical facilities. GE and TIAA Bank have agreed a five-year vendor financing arrangement for GE Healthcare’s customers. The health care equipment's finance team’s leadership and sales staff will be integrated into the division in 2019; GE intends to spin it off.