GE Capital has sold its Trade Payable Services (TPS) supply chain finance platform to MUFG Union Bank N.A., a subsidiary of MUAH, the U.S. intermediate holding company of Japan’s Mitsubishi UFJ Financial Group, Inc. The terms of the transaction were not made public.
According to the Norwalk-headquartered GE Capital, the TPS platform supports relationships with GE suppliers worldwide. Upon the completion of the acquisition, GE suppliers will be able to transition to a new program with MUFG Union Bank over an 18- to 24-month period.
“This is a positive development for GE Capital and for our GE industrial partners, external customers and the suppliers we work with globally,” said Alec Burger, president of GE Capital. “MUFG’s position as a leading global financial institution and its strong supply chain finance capabilities make it an ideal fit for our TPS platform. We look forward to working with MUFG and are committed to ensuring a smooth transition of the platform from GE Capital.”
“Through the addition of TPS, MUFG is now able to deliver a full suite of working capital solutions that address our clients’ growing needs to optimize short-capital positions,” said Maureen Sullivan, MUFG’s head of supply chain finance for the Americas. “We look forward to introducing MUFG’s clients to our new team and platform as we extend our offering of supply chain finance capabilities.”