GE Expects To Close GE Money Bank Sale To Santander Consumer Finance In Q4

(RTTNews) - GE Capital, the financial services division of General Electric Co.(GE), said that it now expects the close of its GE Money Bank AB (Nordics) consumer finance business sale to Santander Consumer Finance S.A. to be in the fourth quarter of 2014.

GE Capital estimates the timing of the close, and the associated gain, will lower third quarter 2014 earnings by approximately $0.02 per share and increase fourth quarter 2014 earnings by the same amount. There is no change to the full year outlook for GE or GE Capital.

In late-June, Spanish commercial bank Banco Santander S.A. (SAN, BNC.L) said that its consumer finance unit agreed to buy GE Money Bank AB, GE Capital's consumer finance business in Sweden, Norway and Denmark. The purchase price of the transaction amounted to about 700 million euros after a pre-closing dividend to remove excess capital.