General Electric (NYSE:GE) Closes BAC Credomatic GECF Deal

General Electric (NYSE:GE) reported it has closed its $1.92 billion sale of BAC Credomatic GECF Inc., a subsidiary based in Central America.

They sold the asset to Colombian bank Grupo Aval.

GE has a history of going back to its core businesses when times get tough or an asset isn't performing strongly in the market it serves, and in response they've been decreasing the size of GE Capital, which has struggled over the last several years with bad loans.

As for BAC Credomatic GECF Inc., their operations are located in Mexico, Guatemala, El Salvador, Nicaragua, Honduras and Panama.

The hold loan assets valued at close to $5.1 billion and deposits of $5.5 billion.