GE to sell Japanese consumer lending unit to Shinsei Bank

HONG KONG (MarketWatch) — General Electric Co. will sell its Japanese consumer lending business, GE Consumer Finance Co., to Shinsei Bank for 580 billion yen ($5.4 billion), according to a report in the Nikkei newspaper Friday, which cited sources familiar with the matter. GE decided last summer to exit the consumer lending business in Japan and had held talks with Acom Co. and Promise Co. , among other groups, the report said. Consumer lenders in Japan will face stricter controls on lending practices from late 2009 when a revised business law comes into effect. The GE unit, which operated the Lake brand of consumer services, had about 650 billion yen in outstanding loans, the report said.

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