GE to sell European private equity financing unit to SMBC

General Electric Co (GE.N) said it would sell its European private equity financing business to a unit of Japan's Sumitomo Mitsui Banking Corp (SMBC) for about $2.2 billion as the U.S. conglomerate sheds financial assets amid a restructuring. This makes the deal attractive to the core banking unit of Japan's third largest bank, Sumitomo Mitsui Financial Group (SMFG) , which is trying to diversify away from the fiercely competitive corporate lending sector. In 2012, SMFG acquired an aircraft leasing company from Royal Bank of Scotland Group (RBS.L) for $7.3 billion and this year, Mizuho Financial Group Inc (8411.T) agreed to buy the U.S. and Canadian loan portfolio of RBS for $3 billion.

GE to sell European private equity financing unit to SMBC source: http://finance.yahoo.com/news/ge-sell-european-private-equity-114144980.html