Multinational conglomerate General Electric Company (
) said that its GE Capital unit has sold its Mexican consumer
mortgage business to Grupo Financiero Santander Mexico.
The sale includes a $2 billion consumer mortgage portfolio.
Financial terms of the move haven't yet been announced, but the
deal is expected to close in the first half of 2011.
Mark Begor, President and CEO of GE Capital, Restructuring
Operations, said that "This sale is consistent with our strategy to
exit non-strategic businesses that lack scale to help reduce GE
Capital's balance sheet while investing in core industrial and
commercial finance platforms, including in Mexico."
General Electric shares were mostly flat in premarket trading
The Bottom Line
We have been recommending shares of General Electric (
) since July 23, 2010, when the stock was trading at $15.21. The
company has a 3.10% dividend yield, based on Friday's closing stock
price of $18.04.
General Electric Company (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.5 out of 5 stars.
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, as well as a detailed explanation of
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