General Electric (GE) is set to sell its Czech banking unit within two years, the bank’s CEO Sean Morrissey told newspaper Hospodarske Noviny.
The sale estimated to be valued over CZK20bn ($784m), according to Reuters.
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GE Money Bank is the sixth-largest bank in the Czech market with around one million customers in the country of 10.5 million people.
The move is part of GE’s global strategy to become a simpler industrial business instead of the current hybrid of banking and manufacturing.
In its urge to restructure its business, GE will sell off $200bn in assets related to GE Capital, which is considered as risky by investors due to its concentration of credit risk and lower returns.
The restructured GE Capital will be focused solely on supporting GE’s industrial operations, such as with financing the purchases of jet engines, turbines and medical equipment.
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