By Chris Wack

TIAA Bank on Friday said it purchased a $1.5 billion portfolio of health-care equipment leases and loans from GE Capital's Healthcare Equipment Finance business.

The Jacksonville, Fla.-based bank said in a release that the acquisition expands its commercial banking business and allows it to provide a full range of financial solutions to institutional clients and serve more health-care providers.

The two companies also entered into a five-year vendor financing agreement for U.S. customers of GE Healthcare. GE Healthcare Equipment Finance's leadership, infrastructure and sales force will be integrated into GE Healthcare in 2019 and the team will continue to originate and service transactions under a co-branding arrangement with TIAA Bank.

The acquired health-care portfolio includes loans and leases to about 1,100 hospitals, as well as 3,600 physician practices and diagnostic and imaging centers across the U.S.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

November 16, 2018 08:49 ET (13:49 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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