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Shinsei Bank has bought GE Money's consumer finance operations in Japan.
General Electric Co. announced the closing of the $5.4 billion deal Monday.
The sale does not mean GE Money is quitting the Japanese finance market; it still operates a credit card joint venture, GE Nissen Credit Co., with the catalog retailer Nissen Co. Ltd., among other operations there.
William Carey, GE Money's president and chief executive, said in a press release that the sale "underscores our strategy of redeploying capital to markets where we have the ability to achieve greater scale and which offer stronger long-term sustainable growth
