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California | BRIEFLY / FINANCIAL SERVICES

Sumitomo Sells Finance Unit to GE Capital

April 20, 1999|Bloomberg News

Sumitomo Corp. of America said it sold its U.S. equipment-financing unit to General Electric Capital Corp., the world's biggest finance company, for an undisclosed amount to raise funds for more profitable businesses. The Norwalk, Conn.-based finance unit, called Phoenixcor Inc., has almost $1 billion in assets and is one of the 60 biggest U.S. lenders to businesses buying equipment. It has 16 offices across the country and will become part of GE Capital's commercial-equipment financing unit. GE Capital is the financial services arm of General Electric Co. Stamford, Conn.-based GE Capital has been an active buyer of Japanese-owned finance companies. In March, GE Capital bought the equipment-leasing business of Japan Leasing Corp., and it made two other purchases in the previous year.

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