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GE Capital to divest BPH TFI mutual fund unit?


GE Capital is looking for a buyer for BPH TFI, its mutual fund-management arm in Poland, in a deal expected to fetch at least PLN 200m (approx. €46m), Puls Biznesu reported citing sources close to Bank BPH, GE’s Polish bank.

BPH has already held exploratory talks with all the major players on the Polish market and the auction is expected to attract many potential buyers, as the current tough market environment for mutual funds is placing a premium on consolidation and cost synergies.

BPH TFI has around PLN 3bn (€685m) in assets under management and is profitable, but is not treated by owners as a core business and will be divested as part of a wider restructuring drive, according to the paper’s sources. In April Bank BPH announced plans to cut up to 600 jobs, or nearly 10% of its workforce, in 2012 in an effort to improve its cost-to-income ratio.

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