General Electric Sells Mexican Mortgage Business (GE)

By Staff,

Shutterstock photo

Multinational conglomerate General Electric Company ( GE ) 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 Monday.

The Bottom Line
We have been recommending shares of General Electric ( GE ) 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 ( GE ) is not recommended at this time, holding a DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Created by

This article appears in: Investing Stocks
Referenced Stocks: GE

More from

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by