General Electric is considering spinning off its consumer finance business in an IPO, a decision that may have ramifications for its Australian offshoot.The Financial Times reports that GE's chief executive, Jeff Immelt, recently told a conference that the group was seeking to shrink the assets of its financial services division from US$402 billion to around US$300 billion by the end of 2014. It wants to focus the division on its commercial finance businesses, such as aircraft leasing and equipment finance, the FT reports.Immelt said he would not give any details of possible disposals, but implied that GE Capital's consumer finance operations, such as credit cards, could be floated off in one or more initial public offerings."In financial services, putting things up for sale with the assumption that a bank would buy it has been a fool's journey. So the only way you've been able to think about this is by thinking about IPOs," he said."The market, I think, is open. If we miss it, that's on me."Immelt has set a target that GE Capital should provide no more than 30 per cent of the group's earnings, the FT said.The Australian business of GE Capital has contributed by selling its mortgage book and restricting some commercial lending. Its consumer credit business is also up for sale.