GE Capital sells $2B Mexican mortgage portfolio

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GE Capital is selling a Mexican consumer mortgage business that includes a $2 billion mortgage portfolio to Grupo Financiero Santander Mexico.

Financial terms of the deal were not disclosed Friday. GE Capital has provided consumer mortgages in Mexico since 2002. But the company says the deal is part of a push to shrink its balance sheet by leaving non-strategic businesses that lack scale.

GE Capital is the lending unit for General Electric Co. It struggled in recent years as loans on its books soured during the financial meltdown, and GE is looking to refocus on core industrial businesses.

The deal is expected to close in the first half of 2011

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