General Electric (GE) has concluded the spin-off and merger of Bank BPH’s core bank into Polish lender Alior Bank.

The core bank includes the non-mortgage banking assets of Bank BPH and associated employees. The transaction represents aggregate ending net investment (ENI) of about $3.6bn at the end of the third quarter of 2016, GE said.  

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Meanwhile, GE retains BPH’s legal entity, including its mortgage portfolio, which represents aggregate ENI of about $4.1bn.

GE Capital chairman and CEO Rich Laxer said: “As we work to execute on our strategy to sell most of GE Capital’s assets we are pleased to sell Bank BPH’s Core Bank to Alior Bank, one of Poland’s most well-respected banks and focused on growth. We wish our colleagues in Bank BPH’s Core Bank a successful future as they join Alior Bank.”

The deal, announced in April 2016, is part of GE's strategy to simplify operations by offloading most of GE Capital’s assets and instead focusing on its high-value industrial businesses. GE will retain the financing verticals that relate directly to GE's industrial businesses as part of this strategy.