GE to buy CitiCapital truck-financing business

| 11/24/2004

CitiCapital will sell its Transportation Financial Services Group – which provides financing, leasing and other services to the commercial trucking industry – to GE Commercial Finance, the company announced this week.

The sale of the finance business, which is based in Dallas and Toronto, is valued at $4.4 billion, and is expected to be complete by the end of the year.

According to GE, the unit finances roughly 196,000 heavy- and medium-duty commercial trucks and trailers, including a number of owner-operators. The truck finance business has about 600 employees and more than 49,000 customers.