* General Electric to float stake in Swiss consumer financebank
* General Electric divestment forms part of strategic shift
* GE Capital to retain minority stake in GE Money Bank
ZURICH, Oct 3 (Reuters) - General Electric will floata majority stake in its Swiss consumer finance unit GE MoneyBank in the fourth quarter as part of a retreat from the sectorto focus more on industrial interests.
GE Money Bank, which will be renamed Cembra Money Bankfollowing the initial public offering (IPO), said on Thursday itwould list all 30 million of its shares on the SIX Swissexchange but GE Capital would keep a sizeable minority stake.
General Electric's banking unit, GE Capital, has a consumerfinance and banking business specialised in credit cards,personal loans, auto financing and savings.
Clairinvest fund manager Ion-Marc Valahu said he wouldconsider subscribing to the flotation. "They've got a goodfranchise. Their market share is huge," he said.
The listing price and the number of shares offered for salehave yet to be determined.
"The IPO of GE Money Bank is another important step infocusing GE Capital's operations and is consistent with GE'sbroader strategy to shift its earnings mix to 70 percentindustrial and 30 percent financial," Richard Laxer, Presidentand CEO of GE Capital International, said in a statement.
In 2012, GE Capital contributed 45 percent of GE's earnings.
In 2010, General Electric sold its $2 billion portfolio ofmortgage business in Mexico to Spanish bank Santander.
GE Money Bank said GE Capital would keep its minority stakefor a period of one year and would reduce it over time.
GE Money Bank also said it would receive funding of 1billion Swiss francs ($1.1 billion) for five years from GECapital to refinance a credit facility and draw a 450 millionfranc three-year loan from a group of international banks.
Proceeds from new listings have risen 14 percent this yearglobally but the Swiss market has been muted.
Credit Suisse was appointed global coordinator andjoint bookrunner, and BofA Merrill Lynch and Deutsche Bank as joint bookrunners for the GE Money Bank offering.
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