Foreign news: GE sells another finance asset, China Construction Bank courts Indonesia's Bank Windu, 10 June 2015 3:37PM Banking Day staff Foreign news, GE said it would sell its US Sponsor Finance business for approximately US$12 billion to Canada Pension Plan Investment Board. The Sponsor Finance business is principally made up of Antares Capital, GE Capital's lending business to private equity-backed middle market companies. China Construction Bank has submitted a proposal to buy Indonesia's PT Bank Windu Kentjana International Tbk and is looking to acquire another, the Economic Times of India reports. Foreign banks can own up to 40 per cent of an Indonesian bank. In a filing to the Indonesian Stock Exchange, Bank Windu said: "It is true that there is a corporate action in the company's business plan, but this is not final yet and it still requires some approvals from the relevant regulator." Six companies have been invited to bid for a stake in Bank Rakyat Indonesia's insurance unit in a deal worth US$600million. Reuters reports bidders for the 40 per cent stake in the unit include BNP Paribas Cardif, Japan's Tokio Marine Holdings, Belgium-based insurer Ageas SA and South Korea's Hanwha Life Insurance. Reuters quotes sources saying France's Cardif is a strong contender after it lost a bid for a 40 per cent stake in the life insurance unit of PT Bank Negara Indonesia around two years ago. The International Finance Corporation, the private sector arm of the World Bank, has sold down its holding in UBS Securities, a joint venture in China, by five percentage points to 80 per cent. Swiss bank UBS now holds 25 per cent. The transaction hasn't been publicly announced but the bank confirmed the deal to FinanceAsia.