services headquarters norwalk connecticut united states area served worldwide key people richard laxer chairman and ceo parent general electric divisions ge capital aviation services ge energy financial services ge industrial finance website www.gecapital.com ge capital is the financial services unit of the american multinational conglomerate general electric . 1 it provides commercial lending and leasing as well as a range of financial services for commercial aviation energy and support for ge s industrial business units . in april 2015 ge announced its plan to create a simpler more valuable company by reducing the size of its financial businesses through the sale of most ge capital assets while continuing its investment and growth in its world class industrial businesses . since that time the ge capital team has made strong progress toward redefining the company and focusing on its financing verticals that directly support ge . ge capital s verticals are now aligned to drive growth in ge s core industrial businesses ge capital aviation services gecas energy financial services efs and ge industrial finance which will include the healthcare equipment finance business working capital solutions wcs and other financing activities to develop lending and leasing products for the ge store . one financing center of excellence that serves the entire ge system ge treasury and several specialty insurance platforms are also a part of the new ge capital . ge capital aviation services is a key financial partner to more than 245 customers in 75 countries providing aircraft leasing financing services and consulting in every sector of the industry . ge energy financial services provides world class underwriting capabilities for power renewables and oil gas infrastructure to meet rising demand and sustainability imperatives . and ge capital s new industrial finance organization serves customers in healthcare transportation distributed power marine industries and municipalities around the world . contents 1 overview 1.1 restructuring plan 2 operations 2.1 poland 3 former operations 3.1 australia 3.2 austria 3.3 canada 3.4 czech republic 3.5 denmark 3.6 france 3.7 hong kong 3.8 hungary 3.9 india 3.10 italy 3.11 ireland 3.12 latvia 3.13 japan 3.14 netherlands 3.15 new zealand 3.16 norway 3.17 philippines 3.18 romania 3.19 russia 3.20 sweden 3.21 switzerland 3.22 united kingdom 3.23 united states 4 legal issues 5 recent news 6 references 7 external links overview edit on july 8 2013 the financial stability oversight council designated ge capital as a systemically important financial institution which makes it subject to oversight by the federal reserve . 2 as of 2014 ge capital had 35 000 employees worldwide operating in more than 40 countries with total assets of us 499 billion . 3 it was rated aa with stable outlook by s & p in 2012 . 4 ge capital s subsidiaries also operate under the ge money brand . restructuring plan edit on april 10 2015 jeffrey r. immelt the ceo of general electric announced that ge would sell most of ge capital over the next two years . 5 the following areas were sold ge capital sponsor finance was sold to canada pension plan investment board and sumitomo mitsui banking corporation 6 7 ge capital real estate was sold to the blackstone group and wells fargo . 8 the majority of ge commercial lending & leasing was sold to wells fargo . 9 operations in germany and france were sold to cr dit mutuel . 10 operations in australia were sold to sankaty advisors . 11 mubadala ge capital a joint venture with mubadala development company was sold to midcap financial a portfolio company of apollo management . 12 ge capital rail services was sold to first union rail a subsidiary of wells fargo and marmon group 13 14 ge capital bank was sold to goldman sachs . 15 ge healthcare finance services was sold to capital one . 16 ge capital equity was sold to ardian . 17 ge capital transportation finance was sold to bmo financial group . 18 ge capital corporate finance aircraft was sold to global jet capital a portfolio company of ae industrial partners the carlyle group and gso capital partners . 19 ge capital s mexican equipment lending and leasing operations were sold to linzor capital partners . 20 ge trailer fleet services was sold to element financial and arval . 21 ge capital s japanese capital finance fleet service and vendor finance businesses were sold to sumitomo mitsui financial group 22 operations edit poland edit polish ge money bank s.a. was primarily headquartered in gda sk prior to december 31 2009 . bph sa bank przemys owo handlowy is a polish financial institution 89 % owned by ge money bank prior to 2008 the largest shareholder was unicredit employing about 10 000 people . on 31 december 2009 bank bph merged with ge money bank polska . after the merging of the two brands ge s capital s polish headquarters are located in three cities warsaw krak w and gda sk . in october 2014 the bank s owner general electric revealed it was considering selling the firm . 23 on april 1 2016 it was revealed that ge had reached a deal to sell its majority stake in bank bph s core bank to alior bank and with this transaction ge will divest itself of the core bank while maintaining the mortgage bank and its us 3.9 b of mortgages which will be separated in a demerger from the non mortgage based assets that will subsequently be merged into alior bank and ge will keep bph tfi the bank s asset management business ; the transaction is expected to close in the fourth quarter of 2016 and must seek regulatory approval and antitrust clearance to proceed . 24 former operations edit australia edit in australia the ge money brand encompasses the ge consumer finance and ge capital finance businesses . the company provides car boat personal and consolidation loans credit cards mortgages and insurance . at the end of 2002 to beginning of 2003 ge purchased the australian guarantee corporation agc business from westpac banking corporation and as a result agc automotive finance became ge automotive finance ge auto and former retail finance competitor agc creditline became known as ge creditline . ge consumer finance controls most credit cards and loans and has a strategic partnership with coles group to operate the coles group source mastercard . ge consumer finance governs the ge creditline go mastercard gem visa and buyer s edge cards which all offer interest free terms at participating retailers . ge finance also had strategic financial relations with myer australia s largest department store . in 2006 and 2007 myer signed contracts with ge to issue and govern both the new myer card and the myer visa card . ge was also the issuer of the old red colesmyer card which is no longer an acceptable method of payment of myer stores this is following the decision of myer being disenfranchised from the colesmyer group . in 2004 ge capital finance purchased the wizard home loans business . on the 24th of october 2008 ge money announced that it will cease offering motor finance in australia and new zealand . this move has proven damaging to ge aligned dealerships who have been given 60 days to find an alternate financier to provide floorplan finance . ge money also announced that it will be pulling out of the mortgage industry and no longer providing mortgages other than those sold under the wizard brand . in mid december 2008 ge money announced it was in advanced talks with the national australia bank nab to sell the wizard brand . ultimately wizard was bought by the commonwealth bank of australia . 25 in 2015 ge capital sold its australian and new zealand business to a consortium led by deutsche bank kohlberg kravis roberts and v rde partners . 26 austria edit austria s ge money formerly ge capital bank was founded in 1994 after the successful acquisition and merger of mercurbank and avabank . today it is one of austria s leading consumer and auto finance businesses and a market leader in retail sales financing . based in vienna with a network of branches throughout the country the business provides a variety of innovative financial services including auto lending private lending sales finance and third party personal lending . the primary focus is on consumers customers and business partners such as car dealers retailers and loan brokers . the austrian division was purchased along with the german finnish and british store card operations of ge money by the santander group in january 2009 . 27 canada edit ge money canada provided private label credit card and mastercard card programs to consumers and lending options for retailers in key industries across the country . ge money canada also was a provider of alternative residential mortgages and patient financing through its carecredit unit . it was part of the synchrony financial spinoff in 2014 . czech republic edit ge money bank formerly ge capital bank was a significant institution in the czech republic . it was founded in 1997 after the acquisition of agrobanka bank as ge capital bank . in the year 2000 it changed the name to ge money bank . it went though an ipo in 2016 and operates under the new name of moneta money bank . it is a full service bank with an extensive network of branches and atms . its services focus both on retail clients and small and medium sized enterprises . its headquarters are located in prague . its call center operates from ostrava . denmark edit ge money bank denmark previously ge capital bank denmark offered credit cards loans and other financial solutions . brand names included acceptcard morecard and e l n. in 2014 ge capital sold its scandinavian operations to santander . 28 france edit ge money bank france is born from the acquisition by ge of cr dit de l est and sovac in 1995 . it provides real estate mortgages and auto loans . 29 ge capital sold ge money bank france to cerberus capital management in 2016 . 30 hong kong edit ge capital was incorporated as a restricted license bank in hong kong . its major focus was in mortgages homes and automobile and personal loans . ge capital sold its hong kong operations to standard chartered . 31 hungary edit budapest bank was established in 1987 as one of the first commercial banks when the two tier banking system was created in hungary . since 1995 ge general electric company as owner provided solid background for the bank . budapest bank offered a full range of financial and banking services for consumers and small and medium sized businesses . budapest bank was sold to mfb in 2014 . 32 india edit ge had more than 118 branches in india as of july 2006 . most of these are in the southern states . there were branches in coimbatore erode salem saradha trichy madurai tanjore palaghat hyderabad trivandrum rajamundhry kakinada vizag vijaywada hubli darhwad and belgaun . ge was the first bpo s in hyderabad . ge capital sold its indian housing finance business to magma fincorp . 33 italy edit in 2008 ge capital acquired interbanca a merchant banking firm from banco santander in exchange for ge capital businesses in germany finland austria and the uk . in may 2015 ge appointed deutsche bank to sell the bank then had a net assets of over 1 000 000 000 . 34 in 2016 banca ifis acquired interbanca for 160 million with an obligation to repay the inter company debt to ge . 35 ireland edit ge money ireland was part of the european operations of ge consumer finance . in the republic of ireland ge money provided specialised financing and services such as leasing hire purchase mortgages and loans to businesses and individuals across the country . with headquarters