General Electric (GE) agreed Monday to sell its $1.4 billion restaurant finance business to three regional buyers, bringing sales of the manufacturer’s once-sprawling loan portfolio to 90% of CEO Jeffrey Immelt’s goal.
Terms of the transaction, which push total agreements for sales of GE Capital’s assets to $180 billion, weren’t disclosed, the Fairfield, Conn.-based company said in a statement. First Horizon National, a Tennessee-based bank, is buying loans in the Southwest and Southeast; Wintrust, an Illinois-based bank, is taking assets in the Midwest and part of the West; and Sterling, based in New York, is acquiring outstanding loans in the East.
