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October 14, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

GE Capital sells $1.5B health care equipment lease portfolio to TIAA Bank

Norwalk-based GE Capital’s Healthcare Equipment Finance business has sold its $1.5 billion portfolio of health care equipment leases to TIAA Bank, based in Clearwater, Florida.

The acquired health care portfolio includes loans and leases to approximately 1,100 hospitals and 3,600 doctors’ offices and diagnostic and imaging centers. The assets financed in the portfolio include imaging, monitoring, respiratory, surgical, ultrasound and lab equipment. In addition to this transaction, the two companies have also entered a five-year vendor financing agreement in which GE Healthcare will originate and service transactions under a cobranding arrangement with TIAA Bank.

“With this portfolio sale and financing alliance, we are expanding our funding capability and improving our competitive offerings for our customers,” said Trevor Schauenberg, president and CEO of GE Capital Industrial Finance.