Reportedly GE Discussing Sale of More Than $30 billion Loans to Wells Fargo

Reportedly GE Discussing Sale of More Than $30 billion Loans to Wells FargoAccording to sources, General Electric Co is discussing matters with Wells Fargo & Co to sell one of its specialty finance portfolio that is worth greater than $30 billion.

On Friday, the source, who has knowledge of the matter said that till now, Wells Fargo has outbid other contenders for GE's vendor financing, commercial distribution finance and direct lending assets.

The deal could be made public as soon as Wednesday, when Wells Fargo announces its third-quarter earnings on Wednesday. However that the deal is not final and there is a chance of it still falling apart.

Both, GE and Wells Fargo have not commented on the issue.

In April, in an announcement, GE said it would sell off close to $200 billion assets of GE Capital financing as the company is focusing in its root, which is manufacturing of industrial goods. That has triggered off a number of transactions by the U.S. conglomerate.

Wells Fargo, through a number of bank mergers and acquisitions through many years has acquired many others of the Florida banks which also includes one which was originally started in the Keys in 1891.

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