TIAA Bank acquired the healthcare equipment finance unit of General Electric.

TIAA Bank, an American diversified financial services company providing banking, mortgages, and investing services, acquired the healthcare equipment finance unit of General Electric for $1.5bn. This significantly expands TIAA Bank’s commercial banking business and enhances its ability to provide a full range of financial solutions to institutional clients and serve an even greater number of healthcare providers. The sale comes as GE Capital seeks to become smaller and more focused.