GE Capital has put its specialist lending subsidiary, GE Money Home Lending, up for sale.
In a note to brokers last week, the firm said it plans to reduce its size and concentrate on its industrial and manufacturing businesses.
The note said: “GE Money Home Lending is among the platforms targeted for disposition.We anticipate being able to sell to buyers who are fully committed to and invested in the financial services industry and can offer a good environment for growth.
“Our sale process will begin immediately and continue over approximately 24 months.”
Clayton Hulme partner Chris Hulme says: “GE has probably found its place in the market somewhat pressed with the new challenger banks coming in that are more geared up to engage with brokers and the industry as a whole.”
He adds: “The way forward [for the new owner] is to talk to brokers and clients [to see what they want].”
Writing on MortgageStrategy.co.uk last week, Brightstar chief executive Rob Jupp said: “GEMHL has an excellent team with a well-managed backbook. You can be certain that buyers will be found and the business will go from strength to strength. This should be seen in the market as a positive. Good luck to the team at Watford.”