TIAA Bank Buys $1.5 Billion Lease Portfolio From GE Capital
November 16 2018 - 9:04AM
Dow Jones News
By Chris Wack
TIAA Bank on Friday said it purchased a $1.5 billion portfolio
of health-care equipment leases and loans from GE Capital's
Healthcare Equipment Finance business.
The Jacksonville, Fla.-based bank said in a release that the
acquisition expands its commercial banking business and allows it
to provide a full range of financial solutions to institutional
clients and serve more health-care providers.
The two companies also entered into a five-year vendor financing
agreement for U.S. customers of GE Healthcare. GE Healthcare
Equipment Finance's leadership, infrastructure and sales force will
be integrated into GE Healthcare in 2019 and the team will continue
to originate and service transactions under a co-branding
arrangement with TIAA Bank.
The acquired health-care portfolio includes loans and leases to
about 1,100 hospitals, as well as 3,600 physician practices and
diagnostic and imaging centers across the U.S.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
November 16, 2018 08:49 ET (13:49 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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