GE exit offers foreign bank entry into Aussie banking
The door may be ajar for a ready-made entry into Australia's uncompromising consumer banking market.GE Capital told staff on Friday a sale of the consumer business is in the works.It styled the decision in a statement as a "decision to explore options to sell the consumer business," but remains "a leading specialty finance provider to the mid-market."GE is committed to this growth strategy in Australia and New Zealand, it said, "and will continue to invest here."Established Australian banks are bound to find themselves in a sales process that will attract foreign banks.The balance sheet and income position of GE Capital in 2013, according to Federal Court disclosures in July this year, was:• finance income of A$597.6 million• retained earnings of $385. 7 million• net profit of $122.4 million• total equity of $1.31 billion• total assets of $3.8 billion, and• total liabilities of $2.5 billion.