In an announcement on earlier today, GE Capital said that, after about 8 years of doing business in the country, it will be selling a Mexican consumer mortgage business. While the exact details of the deal were not disclosed, the deal includes an estimated $2 billion mortgage portfolio.
GE Capital sited a desire to reallign its focus on its core industrial business as a reason for the sale. In the move Grupo Financiero Santander Mexico will pick up the mortgage business with a deal that is scheduled to conclude by the summer.