GE Capital, the financial services arm of industrial giant General Electric, will return $6.5 billion worth of dividends back to its parent company over the course of the year, the company announced on Monday.
In a statement, GE Capital said that the big dividend would constitute 30 percent of its total 2013 earnings, having already paid $447 million back to GE in the first quarter. The company also plans to pay $4.5 billion in special dividends back to its parent during the year.
"This announcement is consistent with our goal to reduce the overall size of GE Capital and for it to return significant cash to GE," said GE Chairman and CEO Jeff Immelt.
The company added that GE will distribute some $18 billion to shareholders in 2013, including a $10 billion stock buyback.