UPDATE 2-GE Money Bank sale to value company at up to $1.67 bln

Wed Oct 16, 2013 11:31am EDT
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* General Electric's Swiss unit sets share sale price range

* Each share to be priced between 43 and 51 Swiss francs

* Eyes market cap of up to 1.53 bln Swiss francs

* Listing planned for Oct. 30

ZURICH, Oct 16 (Reuters) - General Electric's flotation of its GE Money Bank is expected to value the Swiss consumer finance business at up to 1.53 billion Swiss francs ($1.67 billion), in a further step in the U.S. firm's retreat from the finance sector.

GE Money Bank expects to raise up to 1.05 billion Swiss francs from the share sale it said on Wednesday, in what will be Switzerland's first flotation in a year.

GE Capital, a subsidiary of General Electric, plans to sell up to 18 million shares, or 60 percent of Zurich-based Money Bank.

General Electric has said it aims to shift its earnings mix to 70 percent industrial and 30 percent financial. The company has already sold its consumer credit business in Austria and Germany to Spanish bank Santander.

GE's banking business, GE Capital, which has a consumer finance and banking business specialised in credit cards, personal loans, auto financing and savings, contributed 45 percent of GE's earnings in 2012.   Continued...