Wells Fargo has emerged as an early candidate to purchase GE Capital’s $74 billion commercial lending and leasing portfolio, according to multiple published reports.
Last week, GE announced its plans to sell GE Capital, which provides much of the floorplan financing for the marine industry. The company is looking to simplify its business and escape from the regulatory oversight that comes with such a large financial business.
Wells Fargo, along with Blackstone Group LP, purchased most of GE’s real estate assets earlier this month.
Representatives from GE and Wells Fargo declined to comment publicly on the rumored discussions. GE Chief Financial Officer Jeff Bornstein told Bloomberg last week that the company has talked to “a broad geographic spectrum” of potential buyers in its efforts to sell the business.