Your turn to curtsy, my turn to bow. General Electric wants to sell its Swiss consumer lending
business and UBS is one of the possible
bidders, in a deal that could be worth up to 1.5 billion Swiss francs ($1.6
billion), sources said. Two people familiar with the matter told Reuters UBS
was one of at least two parties who planned to submit bids for GE Money Bank in
an auction process.
"GE wants to finalize the sale ... by the end of the
first quarter," said one of the sources. The disposal is part of a plan by
the U.S. conglomerate to shed non-core assets, such as a $1.5 billion stake in
Thailand's fifth-largest lender Bank of Ayudhya BAY.BK.
If UBS were to buy the Swiss unit it would be the first deal
of note for Switzerland's biggest bank since the financial crisis, when it ran
up $50 billion in subprime losses and took a Swiss government bailout in 2008. A UBS purchase of GE Money Bank would confirm
the bank's stated desire to refocus on its home market and the core wealth
management business as it scales back in investment banking.....
Read all about it at http://www.reuters.com/article/2012/12/04/us-ge-ubs-idUSBRE8B30MZ20121204
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