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GE exit offers foreign bank entry into Aussie banking

11 September 2014 4:09PM
The door may be ajar for a ready-made entry into Australia's uncompromising consumer banking market.GE Capital told staff on Friday a sale of the consumer business is in the works.It styled the decision in a statement as a "decision to explore options to sell the consumer business," but remains "a leading specialty finance provider to the mid-market."GE is committed to this growth strategy in Australia and New Zealand, it said, "and will continue to invest here."Established Australian banks are bound to find themselves in a sales process that will attract foreign banks.The balance sheet and income position of GE Capital in 2013, according to Federal Court disclosures in July this year, was:•    finance income of A$597.6 million•    retained earnings of $385. 7 million•    net profit of $122.4 million•    total equity of $1.31 billion•    total assets of $3.8 billion, and•    total liabilities of $2.5 billion.

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