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GE to sell Japan commercial finance ops: Report

GE to sell Japan commercial finance business: Report

General Electric (GE) is preparing to sell its Japanese commercial finance business, as part of chief executive Jeff Immelt's strategy to spin off most of GE Capital, the Wall Street Journal reported on Wednesday.

The U.S. conglomerate will be putting one of its key Asian financing operations on the block, the reports said, citing unnamed sources "familiar with the situation."

Potential bidders for the business, worth around $5 billion, are expected to include two of Japan's largest banking groups, Mitsubishi UFJ and Sumitomo Mitsui, the WSJ reported.

The sprawling Connecticut-based conglomerate has been under pressure from investors to shed its financing business, and focus on its core industrial operations.

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