TIAA Bank announces acquisition of $1.5B healthcare financing portfolio from GE Capital

Jacksonville, Florida-based TIAA Bank announced Friday, Nov. 16, that it has acquired $1.5 billion in healthcare equipment leases and loans from GE Capital’s Healthcare Equipment Finance business. The move is part of GE Capital’s mission to become “smaller and more focused” moving forward.

TIAA Bank also entered into a five-year vendor agreement for GE Healthcare’s U.S. customers, and GE Healthcare Equipment Finance’s “leadership, infrastructure and salesforce” will be integrated into GE Healthcare in the months ahead.

“TIAA is dedicated to delivering financial solutions to institutional clients, including those in the healthcare industry,” Lori Dickerson Fouché, senior executive vice president and CEO of retail & institutional financial services at TIAA Bank, said in a prepared statement. “This transaction expands our ability to meet the complete financial needs of hospitals and universities we serve, allowing them to fund their operations, achieve strategic goals and continue to provide high-quality care to millions of Americans.”

“This is an excellent outcome for GE Capital, GE Healthcare and its customers,” said Trevor Schauenberg, president and CEO of GE Capital Industrial Finance, said in the same statement. “TIAA Bank is a well-known, highly respected institution and we look forward to working with its outstanding team, ensuring a strong foundation for the future and seamless continuity of service for our U.S. customers. With this portfolio sale and financing alliance, we are expanding our funding capability and improving our competitive offerings for our customers.”