GE Commercial Finance, the business-to-business financial services unit of General Electric, has completed its $4.6 billion acquisition of CitiCapital's Transportation Financial Services Group.
CitiCapital’s Transportation Financial Services Group (CTFSG), which was a part of Citigroup, provides secured loans and operating and finance leases for approximately 196,000 heavy and medium duty commercial trucks and trailers through a variety of customer channels, including truck and trailer dealers, commercial fleets and truck owners/operators. CTFSG has approximately 600 employees and serves more than 49,000 customers throughout North America.
The acquisition allows us to build out an area that is already a core competency of our business while adding substantial new customer relationships in this sector, said Mike Neal, president and CEO of GE Commercial Finance.
This is a ‘strike zone’ transaction for GE Commercial Finance. We’ve acquired a business that we understand so it’s going to be a nice fit for our customers, added Neal.
The acquired business will continue to be located in the greater-Dallas, Texas area and Toronto, Canada.