The business offers a range of services and products including personal loans, credit cards and interest free retail finance and is a partner to major retailers in Australia and New Zealand.
All these products and services will now be a part of the company’s new ownership.
GE believes the acquisition will allow it to grow its consumer finance business further.
GE Australia & New Zealand president and CEO Geoff Culbert said: "GE has a strong platform for growth in our industrial businesses in Australia & New Zealand.
"This transaction allows us to focus on our strategy to be the world’s premier infrastructure technology company with a specialty commercial financial services business."
KKR Asia managing partner Joseph Bae said: "We will leverage KKR’s global and regional expertise and platform to create an exciting future for this business."
KKR Australia director Ed Bostock said: "GE Capital is one the most respected providers of consumer finance in Australasia. They are led by a strong management team with an outstanding track record of partnering with leading retailers.
"We are delighted to have the opportunity to partner with Värde Partners and Deutsche Bank to support both existing and new customers and product growth in the years to come."
General Electric weighed down the group during the 2008-09 credit crisis and has been shrinking GE Capital, its financial services arm after that, The Sydney Morning Herald reported.
Following the sale, GE Australia is said to continue to offer commercial loans along with lending to the mid-market, while providing commercial lease financing.
The parties have not disclosed further terms of the transaction, which is subject to customary regulatory approvals.
Image: A group comprising Värde Partners, KKR and Deutsche Bank will acquire GE Capital’s finance unit. Photo: courtesy of Thomas Wolf
