GE Capital to sell bulk of U.S. restaurant franchise financing assets

The logo of Dow Jones Industrial Average stock market index listed company General ElectricThomson Reuters

(Reuters) – General Electric Co said on Monday it would sell a bulk of GE Capital’s U.S. restaurant franchise financing assets to three banks in separate deals.

GE said the deals represent ending net investment of about $1.4 billion as of the first quarter and are expected to release about $200 million of capital for the company.

The three banks making the purchases are First Horizon National Corp , Wintrust Financial Corp and Sterling National Bank, GE said.

GE said it would retain the financing verticals that relate directly to its industrial businesses.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D’Souza)