November 15, 2015 / 10:10 PM / 2 years ago

GE's $5 billion Japanese commercial lending unit has two bidders: WSJ

(Reuters) - Two bidders remain in the race to purchase General Electric Co.’s (GE.N) Japanese commercial lending business, the Wall Street Journal reported on Sunday, citing a person familiar with the situation.

Men enter the headquarters of Japanese bank Sumitomo Mitsui Financial Group Inc (SMBC) in Tokyo July 31, 2015. REUTERS/Thomas Peter

The leasing arm of Sumitomo Mitsui Financial Group and Shinsei Bank submitted binding bids this month and will both continue discussions with GE for its commercial lending and leasing operation, valued at nearly $5 billion, the newspaper said.

In April, the company said it would shed most of its finance unit and become a “simpler” industrial business instead of an unwieldy hybrid of banking and manufacturing.

Its restructuring plan includes buying back up to $50 billion of its shares, selling about $30 billion in real estate assets over the next two years and divesting more GE Capital operations.

Reporting by Hilary Russ in New York; Editing by Peter Cooney

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