UBS could bid for GE's Swiss lending business
General Electric wants to sell its Swiss consumer lending business and UBS is a possible bidder in a deal that could be worth up to 1.5 billion Swiss francs (€1.236 billion), sources say.
Swiss bank UBS is one of at least two parties which planned to submit bids for GE Money Bank in an auction process, two people familiar with the matter said yesterday. “GE wants to finalise the sale . . . by the end of the first quarter,” one said.
Zurich-based GE Money Bank Switzerland employs more than 700 people, has 25 branches and is active in personal loans, vehicle financing, credit cards and insurance services recording a profit of 135 million francs in 2011.
Swiss consumer lending is estimated to be a 15 billion franc market in loan volume.
Neither GE Money Bank nor UBS would comment. – (Reuters)