The planned sale by GE of one fifth of its North American Retail Finance business has no implications for the business in Australia, says the company.Katie Lennon, communications director for GE in Australia and New Zealand, wrote in an email over the weekend that this plan "doesn't relate to our consumer business in Australia and New Zealand." "A&NZ is an important market for GE Capital and one to which we are firmly committed. "Whilst we review our portfolio of businesses on an ongoing basis, consumer finance remains an integral part of our local A&NZ growth strategy."GE's wider growth strategy in Australia received a helping hand last week from the US government.The US Export-Import Bank gave preliminary approval for US$694 million in financing for Gina Rinehart's Roy Hill iron ore project in the Pilbara.The funding will support the purchase of mining equipment from the US, from companies that include Caterpillar Inc and General Electric, according to a Bloomberg report.On Friday, GE announced that it intends to pursue an initial public offering of its North American Retail Finance business as a first step in a staged exit from that business. GE said it plans to file a registration statement with the US Securities and Exchange Commission in the first quarter of 2014 and complete the IPO later in 2014.GE will issue up to 20 per cent of the equity of Retail Finance in the IPO, with the funds raised being used to increase the capital of the new company. GE said it intends to complete its exit from Retail Finance in 2015 by making a tax-free distribution of its remaining interest in Retail Finance to electing GE shareholders in exchange for shares of GE's common stock. GE may also decide to exit by selling or otherwise disposing of all or a portion of its remaining interest in Retail Finance's shares.