Abu Dhabi's Mubadala GE Capital Says No Plans To Change Shareholdings - Gulf Business
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Abu Dhabi’s Mubadala GE Capital Says No Plans To Change Shareholdings

Abu Dhabi’s Mubadala GE Capital Says No Plans To Change Shareholdings

Mubadala GE Capital was set up in 2009 as a 50:50 venture to invest globally in GE Capital-originated commercial finance assets.

Mubadala GE Capital, a venture between Abu Dhabi state fund Mubadala and GE Capital, said its ownership and strategy would remain unchanged despite General Electric’s decision to divest most of its finance unit.

“Mubadala GE Capital is an important component of the Mubadala-GE partnership and continues to deliver on its mandate of profitable growth,” a Mubadala GE Capital spokesman told Reuters on Monday.

“There are no current plans to change the shareholding or strategy of the business.”

Mubadala GE Capital, set up in 2009 as a 50:50 venture to invest globally in GE Capital-originated commercial finance assets, reported assets of $5.5 billion at the end of 2014, up from $4 billion in 2013.

General Electric said on Friday that it would shed most of GE Capital and return as much as $90 billion to shareholders as it became a “simpler” industrial business instead of an unwieldy hybrid of banking and manufacturing.

In its statement, General Electric did not mention Mubadala GE Capital by name. It said it would retain “vertical” financing businesses that directly related to its core industrial businesses; assets targeted for disposition were real estate, most of its commercial lending and leasing segment, and all consumer platforms.

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