General Electric's sale of its GE Money Bank had been expected to value the Swiss lender at up to CHF1.53 billion. The sale was a GE's further step to retreat from the finance sector, said a report from Reuters.
GE Money Bank had been expected to raise up to CHF1.05 billion from the share sale. This was according to the bank last Wednesday. This would also be the first floatation in Switzerland this year.
General Electric's subsidiary, GE Capital, had been planning to sell up to 18 million shares or 60% of its holdings in GE Money Bank. General Electric said that it aimed to shift its earnings to 70% industrial and 30% financial. The company had already sold its Austrian and German consumer credit business to Spanish lender Santander.
Money Bank said that it would price each of the shares between CHF43 and CHF51. The shares was planned to go on sale on October 30, said the lender.
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