GE Consumer in talks to sell S.Korea unit to Hyundai

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00012081-ge-consumer-in-talks-to-sell-skorea-unit-/

According to a Reuters story, GE Consumer Finance, a unit of General Electric Co. is in the final stages of talks to sell its South Korean arm to Hyundai Capital Services Inc., an executive at Hyundai Capital told Reuters on Thursday.

GE Consumer Finance bought a 43 per cent stake in Hyundai Capital and its credit card unit, in 2004 and 2005 respectively.

In essence, GE Consumer Finance is selling itself its own South Korean arm.

“The talks are in the last stages. GE seems to think there is no reason for it to run the credit card and other consumer finance business under separate units,” the Hyundai Capital executive said by telephone, declining to be identified, in an interview with Reuters.

You can read more about this story at GE Consumer in talks to sell S.Korea unit to Hyundai.