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SMFG to buy GE's Japan leasing business for $4.8 billion

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Sumitomo Mitsui Financial
Acquisition   General Electric is selling big

Sumitomo Mitsui Financial Group will buy General Electric's Japanese leasing business for $4.8 billion, the two companies said.

The deal is part of GE's plan to sell off the about $200 billion worth of assets of its finance arm, GE Capital.

Under the deal, SMFG will acquire GE's commercial lending and leasing business in Japan, including capital finance, fleet service and vendor finance, whose total assets are worth 510 billion yen ($4.2 billion), SMFG said.

The deal is expected to close in April 2016, the two companies said.


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