Report: Wells Fargo near deal to buy GE loan portfolio

Wells Fargo is the frontrunner to buy several parts of the GE Capital portfolio, including Commercial Distribution Finance, Reuters reported.

GE Capital Commercial Distribution Finance is the leading provider of floorplan financing in the marine industry.

Representatives from GE declined a request from Boating Industry to comment on the report.

A "person with direct knowledge of the situation" told the news service that Wells Fargo is the lead bidder and that a deal could be announced before the bank reports its third-quarter earnings on Wednesday.

GE announced in April that it was selling the bulk of its GE Capital portfolio to simplify the business and focus it on industrial and technology operations.

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