An investor group comprising of Värde Partners, KKR and Germany's Deutsche Bank have signed an agreement to acquire GE Capital's consumer lending business in Australia and New Zealand for A$8.2bn (US $6.2billion).

The GE Capital's consumer lending business provides financial services and offers a range of products that include personal loans, credit cards and interest free retail finance.

The trio said that they were attracted to a business with more than 3 million customers and a long-standing relationship with many of the major retailers in both Australia and New Zealand. According to GE, all of these products and services will remain under the Company's new ownership.

GE Capital Australia & New Zealand Chief Executive Officer Duncan Berry said, "We are delighted to have signed this agreement with a well-respected consortium of businesses. Consumer finance has been a great business for GE and is well positioned for further growth".

According to George Hicks, a founding partner and Co-CEO of Värde Partners, this partnership will provide a platform for growth in the dynamic consumer finance market in Australia and New Zealand.

KKR Australia director Ed Bostock noted that GE Capital is one the most respected providers of consumer finance in Australasia. He said that it is led by a strong management team, which has an outstanding track record of partnering with leading retailers.

Geoff Culbert, President and CEO, GE Australia & New Zealand said that this transaction would allow them to focus on their strategy of becoming the world's premier infrastructure technology company with a specialty commercial financial services business.

He added that they will continue to work with their customers in key industries, which include oil and gas, energy, healthcare, aviation and mining.