GE buys Deutsche leasing unit.

Financial News, September, 2002

GE has acquired the US leasing business of Deutsche Bank for $2.9bn ([euro]3bn) as the German financial group continued its drive to cut costs and sell non-core assets.GE will put the business, which has 1,200 staff in the US, in its commercial finance division. GE would not say how many job cuts the deal will lead to, but it is understood hundreds may go to stop duplication of back-office staff.

GE Commercial Finance currently offers leases and financial deals to consumers and manufacturers through its vendor financing business. The deal will enable GE to expand into so-called inventory finance for recreational vehicles, industrial equipment and technology.