Newspaper article International New York Times

I.P.O. Could Value G.E.'S Czech Bank at $1.6 Billion

Newspaper article International New York Times

I.P.O. Could Value G.E.'S Czech Bank at $1.6 Billion

Article excerpt

GE Money Bank's initial public offering would continue General Electric's efforts to scale back on finance and focus on its industrial roots.

GE Money Bank, a unit of GE Capital in the Czech Republic, said on Monday that its initial public offering could value the business at 39.1 billion Czech korunas, or about $1.6 billion.

The offering is the latest effort by General Electric to retreat from finance and focus on its industrial roots.

General Electric said last year that it planned to sell the bulk of GE Capital within two years. Since then, GE Capital has entered into agreements for asset sales worth about $165 billion.

The Czech business, which will be renamed Moneta Money Bank, said it planned to price its offering on the Prague Stock Exchange at 68 korunas to 85 korunas a share. At the midpoint of the range, that would value the bank at 39. …

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