GE May Have a Buyer For GE Money Bank Business

General Electric (GE) - Get Report said Thursday that an affiliate of Cerberus Capital is bidding for GE's French consumer finance business, GE Money Bank. The bid now puts the manufacturer in a prime position to finally scrap onerous regulations tied to being a Systemically Important Financial Institution, or SIFI. The sale marks another milestone in GE's year-long initiative to wind down its GE Capital finance unit in order to become a purer industrial player. William Blair analyst Nick Heymann expects GE now to receive its SIFI de-designation before the November 2016 elections. William Blair says GE has now sold off about $156 billion in financial assets since its CEO, Jeffrey Immelt, announced his plan to shed GE Capital last April. William Blair also reaffirmed its Outperform rating on GE Thursday and $38 price target, saying the company will likely exceed its $1.45 to $1.55 earnings guidance for the year.

This article was written by a staff member of TheStreet.