General Electric has launched the bidding process for the U.S. portions of its dealer financing and corporate finance business, Dow Jones News Service reported.
The $40 billion piece of the business represents more than half of GE’s commercial lending operations and is part of the company’s plans to get out of the finance business, as it announced in April.
The process has been dubbed “Project Jupiter” by the company. A sale isn’t expected to be completed until the second half of the year, a source told the news service.
Rumored bidders for the unit Wells Fargo, Ally Financial, CIT Group and others.