US conglomerate General Electric (GE) is selling off its financial operations in German and France. The French Banque Fédérative du Crédit Mutuel will be taking over GE’s Equipment Financing and Factoring divisions. The purchase agreement was signed on 31 March. Closing of the transaction is still subject to approval of the French and German financial supervisory authorities and European banking regulators.
In Germany, Crédit Mutuel will be acquiring the entire GE Capital division, which include GE Capital Bank AG as well as two leasing firms and two factoring companies. Together they manage approx. 3,8 billion dollars in Germany.Gleiss Lutz advised Crédit Mutuel extensively on aspects of German law. De Pardieu Brocas Maffei advised on questions of French law.
The Gleiss Lutz team consisted of: Dr. Burkhard Jäkel (partner, finance), Dr. Detlef Bauer (partner, corporate, both lead, Frankfurt), Sebastian Tusch (counsel), Dr. Benjamin Herz (both banking supervision, Frankfurt), Vanessa Bayliss (counsel), Patrick Steinhausen (both finance, Frankfurt), Dr. Lars Jeschke (corporate, Frankfurt), Dr. Michael Marquardt (partner, tax, Frankfurt), Dr. Doris-Maria Schuster (partner) and Christian Mathias (both employment, Frankfurt).
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